Which of the following statements regarding the labor supply curve is correct? Group of answer choices The labor supply curve for a competitive firm is perfectly inelastic, while the labor supply curve for a noncompetitive firm is downward sloping. The labor supply curve for a competitive firm is upward sloping, while the labor supply curve for a noncompetitive firm is perfectly elastic. Both the competitive firm and the noncompetitive firm face upward sloping supply of labor curves. The labor supply curve for a competitive firm is perfectly elastic, while the labor supply curve for a noncompetitive firm is upward sloping