Quantity supplied refers to the specific amount of a good or service that producers are willing and able to sell at a particular price during a given time period.
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Law of Supply: States that there is a direct relationship between price and quantity supplied; as price increases, quantity supplied also increases.
Producer Surplus: The difference between what producers receive from selling goods or services and their minimum acceptable price.
Elasticity of Supply: Measures how responsive suppliers are to changes in price by examining the percentage change in quantity supplied compared to percentage change in price.