Problem
1. Why is the long-run market supply curve upward-sloping in an increasing-cost industry?
2. Why is the long-run market supply curve downward-sloping in a decreasing-cost industry?
3. Why is the long-run market supply curve horizontal in a constant-cost industry?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.