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