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Which of the following statements relating to supply is true?

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Final answer:

The law of supply states that a higher price leads to a greater quantity supplied, while a lower price leads to a lower quantity supplied, all other variables being held constant. Quantity supplied is represented by individual points on a supply graph, while the entire supply curve represents supply as a whole. Factors that affect supply include production costs, market demand, and available resources.

Step-by-step explanation:

The law of supply states that a higher price leads to a greater quantity supplied, while a lower price leads to a lower quantity supplied, all other variables being held constant.

Quantity supplied is represented by individual points on a supply graph, while the entire supply curve represents supply as a whole. A shift of the supply curve to the right indicates an increase in supply, while a shift to the left indicates a decrease in supply.

Factors that affect supply include production costs, market demand, and available resources. For example, if a firm's production costs decrease while prices remain unchanged, the firm is more motivated to supply a larger quantity at any given price, leading to a rightward shift in the supply curve.

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