Final answer:
Quantity supplied is the specific amount of a good or service that will be provided per unit of time at a specific price, assuming all other factors are constant. It is influenced by cost of production and desired profit margin, and is related to the concept of elasticity, specifically constant unitary elasticity.
Step-by-step explanation:
The term that refers to a specific amount that will be supplied per unit of time at a specific price, with other factors held constant, is known as "quantity supplied." This economic concept is integral to understanding market behaviors and is often represented on a graph where the quantity supplied is a function of price. The cost of production and the desired profit are key factors that influence the price a firm sets for its products. Furthermore, understanding the elasticity of supply is crucial; in cases of constant unitary elasticity, a given percent price change leads to an equal percentage change in quantity demanded or supplied.
Understanding Elasticity
When we talk about elasticity, it's about measuring how much the quantity supplied or demanded will change in response to a change in price. Constant unitary elasticity is a specific condition where the percentage change in quantity is the same as the percentage change in price, indicating a proportional relationship. This is important for businesses when setting prices as they need to know how changes in price might affect the quantity they can sell.