Asked by Alfred Lopez on May 09, 2024
Verified
The primary difference between a change in supply and a change in the quantity supplied is that:
A) a change in quantity supplied is a movement along the supply curve,while a change in supply is a shift in the supply curve.
B) both a change in quantity supplied and a change in supply are movements along the supply curve,only in different directions.
C) a change in supply is related to the supply curve,while a change in quantity supplied is related to shifts in the demand curve that shift the supply curve.
D) a change in supply is a movement along the supply curve,while a change in quantity supplied is a shift in the supply curve.
Change in Supply
The shift in the quantity of a good that suppliers are willing and able to sell, influenced by factors like costs of production, technology, or expectations of future prices.
Quantity Supplied
The total amount of a specific good or service that producers are willing and able to sell at a given price over a specified period.
Supply Curve
A graphical representation of the relationship between the price of a good or service and the quantity supplied, typically upward sloping.
- Distinguish between movements along the supply curve and shifts in the supply curve.
- Differentiate between variations in supply and alterations in quantity supplied within diverse marketplace conditions.
Verified Answer
AA
abdulmohsen abdulrahimMay 14, 2024
Final Answer :
A
Explanation :
A change in quantity supplied refers to a movement along the existing supply curve, caused by a change in price. On the other hand, a change in supply is a shift of the entire supply curve due to factors such as changes in technology, input prices, or government regulations affecting production. Therefore, the primary difference between the two is the direction of the movement - one is along the curve and the other shifts the curve.
Learning Objectives
- Distinguish between movements along the supply curve and shifts in the supply curve.
- Differentiate between variations in supply and alterations in quantity supplied within diverse marketplace conditions.