Examlex
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Increasing Cost Industry
An industry in which production costs increase as output expands, typically due to factors such as input limitations and increased demand for inputs.
Long-Run Supply Curve
A curve showing the relationship between price and quantity supplied that takes into account all possible adjustments in inputs and outputs.
Constant-cost Industry
An industry where the costs of production do not change as the total output in the industry changes.
Long-run Supply
Long-run Supply refers to the quantity of a good that producers are willing and able to supply onto the market at different price levels when all production inputs can be varied.
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