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Long-Run Outcomes in Perfect Competition Lesson 5.60 The Industry Supply Curve • The Industry Supply Curve shows the relationship between price and total output. The Long-Run Industry Supply Curve • The Long-Run Industry Supply Curve will be more elastic (everything is more elastic in the long run.) – As more suppliers enter the market, prices drop Effects of an Increase in Demand • Long-Run and Short-Run – In the Short-Run, and increase in demand will raise prices, and quantity will follow – In the Long –Run, prices will move to a point of zero-profit