The supply function:

Question

Quizplus · Accepted Answer

The supply function recognizes that the quantity of a good produced depends on its price and supply shifters, such as input costs, technology, and government regulations. It shows the relationship between the quantity supplied of X and variables other than its price. Thus, option B is the correct choice. Option A only refers to the relationship between price and quantity, while option C is too general and can refer to any function. Option D is incorrect because the supply function typically includes technology as one of the supply shifters.

The Supply Function