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Describe the purpose of design patents,and for how long they are granted.
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.
Supply Curve
A graph showing the relationship between the price of a good and the quantity of that good that producers are willing to supply.
Increasing-cost Industry
An industry in which the costs of production increase as the industry expands due to factors like limited resources or higher input prices.
Long-run Supply
The time period in economics during which all factors of production and costs are variable, allowing firms to adjust all inputs in response to market conditions.
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