Explain the difference between a change in supply and a change in quantity supplied

What will be an ideal response?

A change in supply is represented by a shift in a supply curve. It can be caused by changes in non-price determinants of supply such as the cost of producing the product or the prices of related products. A change in the quantity supplied is represented by a movement along a supply curve. It is caused by a change in the price of the good itself.

Economics

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What is the output gap? How does it change when the economy goes into recession?

What will be an ideal response?

Economics

For a perfectly competitive firm, at the profit-maximizing output average revenue equals marginal cost

Indicate whether the statement is true or false

Economics