Which of the statements is true of the long‑run industry supply curve (LRIS)? External diseconomies result in an increasing cost industry and a horizontal LRIS curve. External economies result in an increasing cost industry and a downward sloping LRIS curve. 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.