When will the long-run supply curve of a perfectly competitive ...

[mydiamond]

When will the long-run supply curve of a perfectly competitive market shift upward?

Question 2

If losses are incurred in a competitive industry, then over the long-run we can expect a greater quantity supplied, because market price will rise.
 a. True
  b. False
  Indicate whether the statement is true or false

[Tonyam972]

Answer to Question 1

The long-run supply curve of a perfectly competitive market will shift upward if there is an increase in the variable cost.

Answer to Question 2

False