Answer to Question #67072 in Microeconomics for Lisa

Question #67072
illustrate and explain using diagrams, the difference between long run supply in a constant cost individual firm and industry and an increasing cost firm and industry
1
Expert's answer
2017-04-03T11:35:07-0400
The long‐run market supply (LRMS) curve is found by examining the responsiveness of short‐run market supply to a change in market demand.
In a constant-cost industry the LRMS curve is horizontal, but in an increasing-cost industry the LRMS curve is increasing.

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