(Solved): Which of these statements is TRUE? Firms respond to higher prices for their product by increasing su ...

Which of these statements is TRUE? Firms respond to higher prices for their product by increasing supply. As more sellers enter a market, the supply of the product will decrease. If input prices increase, the supply of the product will be unaffected because firms pass the higher costs of production to consumers in the form of higher prices. Firms respond to higher prices for their product by offering a larger quantity for sale.