Asked by marcus wright on Mar 10, 2024



A perfectly competitive industry's supply curve is upward sloping.

Perfectly Competitive

A market structure characterized by a large number of small firms, identical products, and free entry and exit, leading to price taker behavior.

Supply Curve

A graphical representation showing the relationship between the price of a good and the quantity of the good that sellers are willing to supply.

Upward Sloping

A term often used in economics to describe a curve or line that increases in height as it moves from left to right, indicative of a positive relationship between two variables.

  • Understand the supply curve characteristics of a perfectly competitive industry.

Verified Answer

Jorge Segebre

Mar 10, 2024

Final Answer :
Explanation :
In a perfectly competitive industry, the supply curve is upward sloping because as prices increase, firms are willing to supply more of the product, reflecting the law of supply.