Asked by Amber Lloyd on Apr 24, 2024
A movement along a supply curve is called a change in supply while a shift of the supply curve is called a change in quantity supplied.
Supply Curve
The Supply Curve is a graphical representation showing the relationship between the price of a good or service and the quantity of that good or service that suppliers are willing and able to provide, typically upward sloping.
Change In Supply
A shift in the quantity of a good that producers are willing and able to sell at various prices, due to factors other than the price of the good itself.
Change In Quantity Supplied
The difference in the amount of a product that producers are willing and able to sell due to a change in price.
- Comprehend the connection between advantageous prices and the amount of goods demanded or supplied, identifying differences between movements along the curves and curve shifts.
Learning Objectives
- Comprehend the connection between advantageous prices and the amount of goods demanded or supplied, identifying differences between movements along the curves and curve shifts.