If the long-run supply curve slopes upward, we know that this is

Name: If the long-run supply curve slopes upward, we know that this is
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Question

Quizplus · Accepted Answer

If the long-run supply curve slopes upward, it means that as output increases, the cost of producing each additional unit also increases. This suggests that the industry is facing increasing costs, which could be due to factors such as limited availability of certain inputs or technological constraints. Therefore, the correct answer is C - an increasing-cost industry.

If the Long-Run Supply Curve Slopes Upward, We Know That