Can I adjust the quantity of each item available (size and color)?

I need to adjust the quantity of each item.  For example: 3 red size 2 and 5 blue size 3.  Is that possible?

I checked the only form you have on your account and noticed you already figured out how to add a Quantity Option to your Products.

If we're mistaken and you are hoping to achieve something different, please be as detailed as possible on what you wanted to do so we can better assist you.

I'm also recommending you read these articles first so you have a general idea of the options you can add when selling products.

Related guides:

How-to-Add-Options-to-Payment-Forms

What-is-Special-Pricing

Create-Sub-Products-Based-on-a-Product-Option 

I don't think it is the right kind of quantity that I'm looking for. I need to be able to define how many I have available. I have five red, two blue, three green, etc. I need to make sure that people don't buy more than what I have. Does that make sense?
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Unfortunately, that's not possible with the payment field. The payment field does not have inventory like options.

However, there's a workaround for that using widgets. Please check this page for the full guide https://www.jotform.com/help/426-How-to-Setup-a-Payment-Order-Form-with-Limited-Stocks.