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The Quotient Rule of Exponents states that when dividing two powers with the same base, you subtract the exponents.
In this case, 2^3 ÷ 2^1 can be written as 2^(3-1) = 2^2.
Therefore, the quotient of 2^3 ÷ 2^1 using the Quotient Rule of Exponents is 2^2.