The primary difference between a change in supply and a change in the quantity supplied is:
A) a change in quantity supplied is a shift in the supply curve, and a change in supply is a movement along the supply curve.
B) both a change in quantity supplied and a change in supply are movements along the supply curve, only in different directions.
C) a change in quantity supplied is a movement along the supply curve, and a change in supply is a shift of the supply curve.
D) a change in supply is a movement to the left along the supply curve and a change in quantity supplied is a movement to the right along the supply curve.
Ans: C) a change in quantity supplied is a movement along the supply curve, and a change in supply is a shift of the supply curve.
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When the output gap is positive, it represents ________ gap, and when it is negative, it represents ________ ga
A) a recessionary; an inflationary B) an inflationary; a recessionary C) an inflationary; an employment D) an employment; an unemployment E) None of the above answers is correct.
What is the lowest price at which a firm produces an output? Explain why
What will be an ideal response?