Asked by Claire Fening on May 02, 2024
Verified
If something happens to alter the quantity supplied at any given price, then we move along the fixed supply curve to a new quantity supplied.
Quantity Supplied
The measure of goods or services that vendors are eager and able to part with at a set price.
Supply Curve
A visual diagram that illustrates how the price of a product correlates with the amount of the product that sellers are prepared to offer.
- Understand the correlation between favorable prices and the quantity demanded or supplied, making distinctions between movements along curves and shifts in curves.
Verified Answer
FA
Fatima AqeelMay 07, 2024
Final Answer :
False
Explanation :
When something alters the quantity supplied at any given price, it shifts the entire supply curve to the left or right, rather than moving along the fixed supply curve.
Learning Objectives
- Understand the correlation between favorable prices and the quantity demanded or supplied, making distinctions between movements along curves and shifts in curves.