Economist Jones defines an increase in supply as a decrease in the prices needed to ensure various amounts of a good being offered for sale. Economist Brown defines an increase in supply as an increase in the amounts that producers will offer at various

possible prices. Economist Cole defines an increase in supply as an increase in the amount firms will offer in the market which is caused by an increase in the price of the product. Which, if any, of these is defining an increase in supply correctly?

Please provide the best answer for the statement.

Economists Brown and Jones are both correct. Brown recognizes that a shift in supply means greater quantities will be supplied at each of the various prices given for the original supply schedule. In other words, more will be supplied at each of the prices on the original schedule. Jones is correct if a decrease in prices would actually ensure the various amounts of a good being offered for sale at lower prices than the original. It is an equivalent statement to Brown’s. Cole is not correct. Cole is defining a change in the quantity supplied, or a movement along the supply curve, not an increase in supply.