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

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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.


Definitions:

Generalized Anxiety Disorder

A mental health disorder characterized by persistent and excessive worry about a number of different things, significantly impacting daily functioning.

Delusions

Fixed false beliefs that are resistant to reason or confrontation with actual facts, often observed in psychiatric conditions.

Trembling

Involuntary, rhythmic muscle contractions leading to shaking movements in one or more parts of the body, often due to emotional states or medical conditions.

Phobic Disorder

A type of anxiety disorder characterized by an excessive and irrational fear of an object, situation, or activity, leading to avoidance behavior.

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