Final answer:
The increase in the quantity of a good supplied due to price increase is likely to be larger in the long run. This is due to greater elasticity of supply and demand over prolonged periods, allowing quantities to adjust more easily than prices.
Step-by-step explanation:
If the price of a good increases, the increase in quantity of the good supplied is likely to be larger the longer the time period being considered. This is because supply and demand are more elastic in the long run, meaning quantities adjust more easily. In the short run, supply and demand are often inelastic, causing greater changes in prices due to shifts in either. For example, if there is an increase in the price of a car, in the short-term, manufacturers can't immediately increase production due to constraints like availability of raw materials and labour. However, in the long run, these manufacturers may likely expand their factories or hire more workers to produce more cars, thereby increasing the quantity supplied.
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