Explain the difference between a change in supply and a change in quantity supplied. Be sure to state what causes each to change and how they differ when graphed
A change in supply results from a change in one or more of the determinants of supply:
prices of relevant resources, prices of other goods, technology, number of sellers, expectations of future price, taxes and subsidies, and government restrictions. When supply changes the entire supply curve shifts to the right (an increase in supply) or to the left (a decrease in supply). A change in quantity supplied results from a change in a good's own price and is shown on a graph by a movement along a supply curve.
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When economists use the terms "supply" and "demand," they are referring to
A) the roles economists must take to improve the economy. B) the plans and ongoing negotiations among individual traders in the market process. C) the ways people meet their needs in society. D) the supply of money and the demand for money. E) the supply of laws and the demand for laws in a well-governed society.
Which of the following is NOT a device to reduce transaction costs?
A) shopping centers B) auto dealers located close together C) government prohibitions on advertising D) banks that direct funds from savers to borrowers
The business sector in the United States has the most influence on
a. primary education. b. on-the-job training. c. teacher training. d. higher education.
A depression is:
A. the high point of economic activity prior to a downturn. B. a particularly severe and protracted recession. C. the low point of economic activity prior to a recovery. D. a particularly strong and protracted expansion.