What is the difference between a change in supply and a change in quantity supplied?
Please provide the best answer for the statement.
A change in supply is a shift in the entire supply curve either to the left (a decrease in supply) or to the right (an increase in supply). A change in supply, therefore, is a change in the entire supply schedule or curve. In contrast, a change in quantity supplied is a movement along an existing supply curve or schedule from one price-quantity combination to another. A change in product price causes the change in quantity supplied.
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The multiplier can be calculated by dividing
A. one by one minus the marginal propensity to invest. B. one by one minus the marginal propensity to save. C. the change in real GDP by the initial change in spending. D. the initial change in spending by the change in real GDP.
How is positive economics different from normative economics?
People who lost their jobs as hand-drawn animators because of the popularity of computer-generated 3D animation are examples of persons who are suffering
A) cyclical unemployment. B) frictional unemployment. C) seasonal unemployment. D) structural unemployment. E) unnatural unemployment.
To maximize expected profit, a perfectly competitive firm with a random marginal cost and random demand should produce at the level that sets ________ equal to ________.
A) expected marginal revenue; marginal cost B) marginal revenue; expected marginal cost C) expected marginal revenue; expected marginal cost D) marginal revenue; marginal cost