Quantity Supplied: This term refers to the specific amount of a good or service that producers are willing and able to sell at a particular price.
Law of Supply: The law of supply states that there is a direct relationship between price and quantity supplied. As prices increase, producers are willing to supply more goods or services.
Producer Surplus: Producer surplus is the difference between what producers receive from selling their goods or services and what they were willing to accept for those goods or services.