The long-run industry supply curve for an increasing-cost industry
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Why does the long-run industry supply curve for an increasing-cost industry slope upward? What causes the increasing costs in an increasing-cost industry?
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This solution explains why the long-run industry supply curve for an increasing-cost industry slopes upward.
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The long-run industry supply curve for an increasing-cost industry slopes upward since the increasing cost industry gives subsequent rise to higher prices. The increasing costs and subsequent higher prices concurrently give producers the incentive to therefore supply more goods and services in the anticipation that they will generate more revenues. This can conversely ...
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