Answer: ‘U’ shaped
Notes: In perfect competition, the existence of a large number of firms producing and selling a product ensures that an individual firm does not exert any influence on the price of the product. The output of an individual firm is a very small fraction of the total output of the entire industry so that any increase or decrease in output by an individual firm will have negligible effect on the total supply of the industry's product. Consequently, a single firm is not in a position to influence the price of the product by increasing or decreasing its output.
