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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
Expert's answer
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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