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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


Team Careers360 13th Jan, 2024
Answer (1)
Team Careers360 16th Jan, 2024

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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