Determine which supply curve indicates a constant-cost

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The Long-Run Industry Supply Curve The following graph shows possible long-run market supply curves for a perfectly competitive industry. Determine which supply curve indicates a constant-cost industry and which an increasing-cost industry.

a. Explain the difference between a constant-cost industry and an increasing-cost industry.

b. Distinguish between the long-run impact of an increase in market demand in a constant-cost industry and the impact in an increasing-cost industry.

Reference no: EM131250337

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