What is the difference between an "increase in supply" and an "increase in quantity supplied"?
A) There is no difference between the two terms; they both refer to a shift of the supply curve.
B) There is no difference between the two terms; they both refer to a movement along a given supply curve.
C) An "increase in supply" means the supply curve has shifted to the right while an "increase in quantity supplied" means at any given price supply has increased.
D) An "increase in supply" means the supply curve has shifted to the right while an "increase in quantity supplied" refers to a movement along a given supply curve in response to an increase in price.
Answer: D
You might also like to view...
A perfectly competitive furniture-rental firm in Phoenix incurs an economic loss if the average total cost of each rental is
A) greater than the marginal revenue of each rental. B) less than the marginal revenue of each rental. C) equal to the marginal revenue of each rental. D) equal to the price of each rental. E) greater than the average variable cost of each rental.
When the nominal price of a good increases over time, the real cost of buying the good
A) must increase. B) decreases because income also increases over time. C) does not change because income also increases over time. D) might increase, decrease, or stay the same depending on how much the CPI changed. E) might increase, decrease, or stay the same depending on how much income changed.
According to the article, ________ in ________ have contributed to Canada's ________ change in real GDP
A) increases; consumption and exports; expected B) decreases; exports and investment; unexpected C) increases; consumption and investment; unexpected D) decreases; exports and government spending; expected
If Brazil voluntarily ships coffee to the United States in return for airplanes,
a. Brazil will benefit, but the United States will lose. b. one of the two nations will benefit and the other nation will lose since the trade does not increase the physical quantities of coffee and airplanes available. c. both Brazil and the United States will benefit since the trade allows each nation to acquire items. d. both Brazil and the United States will lose since there is no increase in the production of coffee or airplanes and the trade will involve certain transaction costs.