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What is Long-Term Supply Curve in Perfect Competition about?
The document discusses the long-term supply curve of industries under perfect competition, distinguishing between constant, increasing, and decreasing cost industries. In constant cost industries, the supply curve is horizontal, while in increasing cost industries, it slopes upward due to rising factor prices. Conversely, decreasing cost industries experience a downward sloping supply curve as production increases lead to lower average costs and prices.
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