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A child is drinking a liquid with a straw. Which of the following statements is true?
Supply Function
A mathematical relation showing the quantity of a good that producers are willing and able to sell at different prices, holding other factors constant.
Factor Price
The price paid for the use of a factor of production, such as labor, land, or capital.
Production Function
A mathematical model that describes the relationship between input factors of production (like labor and capital) and the output of goods or services that result.
Factor Prices
The prices of inputs used in the production of goods or services, such as labor wages, rent for land, and profit for capital.
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