8. Which of the following statements is TRUE? I. As more sellers enter a market, the supply of the product will increase. II. If input prices increase, the supply of the product vill be unaffected because firms pass the higher costs of production to consumers in the form of higher prices. II. Firms respond to high prices for their product by offering a larger quantity for sale. Il and III only O l and III only O I only O1, I, and I