Final answer:
The industry's long-run supply curve demonstrates the relationship between the long-run price of a good and the quantity that producers are willing to supply.
Step-by-step explanation:
The industry's long-run supply curve represents the relationship between the price of a good and the quantity supplied in the long run. This curve reflects how firms adjust their production and output levels over time in response to changes in prices. It shows different scenarios based on the types of industries: constant cost, increasing cost, and decreasing cost industries.
Moreover, according to the law of supply, there is a direct relationship between price and quantity supplied, indicating that higher prices typically lead to a higher quantity supplied.