Asked by Jessica Lapnow on Jun 04, 2024
Verified
A move from S2 to S3 is a(n)
A) an increase in quantity supplied.
B) a decrease in quantity supplied.
C) an increase in supply.
D) a decrease in supply.
Quantity Supplied
The amount of a good or service that producers are willing and able to sell at a given price over a specific period.
Supply
The total amount of a product or service available for purchase at any given price level in a given market.
- Clarify the differences between progression along supply/demand curves and the evolution of the curves' placements.
Verified Answer
VS
Vinay SreedharaJun 07, 2024
Final Answer :
C
Explanation :
Moving from S2 to S3 means that at each price level, the quantity supplied has increased. This is a shift in the entire supply curve to the right, indicating an increase in supply.
Learning Objectives
- Clarify the differences between progression along supply/demand curves and the evolution of the curves' placements.