Explain What Happens to the Long-Run Supply Curve of an Industry

question 356

Essay

Explain what happens to the long-run supply curve of an industry when firm entry raises the price of inputs used in the industry.

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Definitions:

Diaphragm

The diaphragm is a large, dome-shaped muscle located below the lungs that plays a crucial role in the respiratory process by helping to inhale and exhale air.

Oxytocin

Sometimes referred to as the "love hormone," it plays a significant role in facilitating social bonding, trust, and group cohesion.

Small-For-Date

A term describing infants whose birth weight is significantly lower than expected for the duration of the pregnancy.

Frontal Lobes

The frontal lobes are the part of the brain located at the front of each cerebral hemisphere, responsible for complex cognitive functions, decision making, and controlling voluntary muscle movements.