Compare the shape of a long-run supply curve for a constant-cost industry, a decreasing-cost industry, and an increasing-cost industry.

Long-Run Supply Curve

A graphical representation that shows how the quantity supplied of a good changes in response to a price change once producers have had enough time to adjust their production decisions fully.

Constant-Cost Industry

An industry in which costs of production do not change as the industry's output changes.

Decreasing-Cost Industry

An industry where the costs of production decrease as the industry grows and output increases, due to factors such as economies of scale.