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Elasticity of Supply
A measure of how much the quantity supplied of a good responds to a change in the price of that good, reflecting producers' willingness and ability to alter production.
Price Elasticity of Supply
An indicator of the sensitivity of the amount of a product provided to shifts in its price.
Market Period
A very short time frame in economics during which the supply of a good is fixed, meaning it cannot be increased or decreased in response to changes in price.
Short Run
A period in economics where at least one factor of production is fixed and cannot be changed, influencing the adjustment capabilities of a business.
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