A supply function specifies how much of a good a firm would be willing to sell given any hypothetical market price if all other factors remain constant.

Question

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This is the correct definition of a supply function. It shows the relationship between the price of a good and the quantity that a firm is willing to supply at that price, assuming that all other factors (such as input prices, technology, and government regulations) remain constant. As the price of the good increases, the quantity supplied by the firm typically increases as well, following the law of supply.

A Supply Function Specifies How Much of a Good a Firm