Final answer:
The law of supply signifies that there is a direct relationship between the price of a good and the quantity supplied, with higher prices leading to more supply.
Step-by-step explanation:
The law of supply is a fundamental principle in economics that describes the common relationship between the price of a good and the quantity supplied. Specifically, it states that, generally, a higher price leads to a greater quantity supplied, and a lower price leads to a lower quantity supplied, assuming that all other variables remain constant. This relationship illustrates the producers' behavior in response to price changes - as the price increases, suppliers are willing to produce more to maximize profits; conversely, when the price decreases, they will produce less to avoid losses.
When considering options 1) color, 2) cost to produce, 3) price, and 4) labor costs, the law of supply indicates that the quantity supplied is usually related to its price (option 3).