Question : A supply function expresses the relationship between
Option 1: price and output
Option 2: price and seller cost
Option 3: price and demand
Option 4: price and consumption
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Correct Answer: price and output
Solution : The correct option is price and output .
A supply function is an economic term that, while leaving other variables constant, expresses the relationship between the cost of a good or service. It is common for the supply function to slope positively, indicating that producers are more inclined to increase the quantity of an item.
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