Suppose the market for cotton is perfectly competitive and that input prices increase as the industry expands. characterize the? industry's long-run supply curve. the cotton? industry's long-run supply curve will bea. downward sloping because the total cost of production will be increasing. b. downward sloping because existing firms will exit as they experience losses. c. upward sloping because the? long-run average cost of production will be increasing. d. horizontal and equal to the minimum point on the? long-run average cost curve. e. upward sloping because new firms will enter as prices rise.