Basic Definitions: Supply
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| change in quantity supplied |
This is an increase or decrease in the amount of a good or service that producers are willing to sell because of a change in price. |
| change in supply |
This occurs when something prompts producers to offer different amounts at the same price as before. |
| labor productivity |
This is the amount of goods and services that a person can produce in a given time. |
| elasticity of supply |
A price change that leads to a relatively large increase or decrease in the quantity supplied. |
| inelastic supply |
A change in price that leads to a relatively small increase or decrease in quantity supplied. |
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