The difference between a change in quantity supplied and a change in supply is that a change in:
a. quantity supplied is caused by a change in a good's own, current price, while a change in supply is caused by a change in some other variable, such as input prices, prices of related goods, expectations, or taxes.
b. supply is caused by a change in a good's own, current price, while a change in the quantity supplied is caused by a change in some other variable, such as input prices, prices of related goods, expectations, or taxes.
c. quantity supplied is a change in the amount people want to sell, while a change in supply is a change in the amount they actually sell.
d. supply and a change in the quantity supplied are the same thing.
a
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When a policy creates the most social gain possible, it is considered "best" by the
a. efficiency criterion. b. Pareto criterion. c. Edgeworth criterion. d. maximin criterion.
Federal government purchases, as a percentage of GDP
A) have fallen since the early 1950s. B) have remained roughly the same since the early 1950s. C) rose from the early 1950s until the mid 1980s, and then fell. D) have risen since the early 1950s.
Refer to the above figure. From the standpoint of society, the optimal price is
A) P1 B) P2 C) P3 D) P5
During the Napoleonic Wars (1793-1815),
a. America experienced periods of full employment. b. urbanization increased sharply. c. America bore the brunt of the mercantilist policies of both England and France. d. Both a and c are correct. e. Both a and b are correct.