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Unit $3$ Exam $-$ Principles of Microeconomics Fall $2024-$ A

Which of the statements is true of the long$-$run industry supply curve $($LRIS$)?$

External economies result in a decreasing cost industry and a downward sloping LRIS curve.

Internal diseconomies result in an increasing cost industry and an upward sloping LRIS curve.

External economies result in an increasing cost industry and a downward sloping LRIS curve.

External diseconomies result in a decreasing cost industry and a horizontal LRIS curve.