A curve that shows the quantity of a good or service supplied at various prices after all long-run adjustments to a price change have been completed is a long-run industry supply curve.
Which curve is known as the marginal cost curve as well?
The change in total cost divided by the change in energy output is the definition of the marginal cost (MC) curve.The firm's supply curve and the MC curve are identical in markets with perfect competition.
How does the long-term supply curve work?
Information regarding an industry's size as well as the nature of costs in that industry can be obtained from the long-run supply (LS) curve. Depending on how long-term costs behave when new businesses enter an industry in response to increased demand, costs in industries can be either constant, increasing, or decreasing.
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