Explain the differences between a change in supply and a change in quantity supplied
What will be an ideal response?
A change in supply refers to a shift of the supply curve, which occurs when one of the variables other than the price of the product changes. A change in quantity supplied refers to a movement along the supply curve, which occurs when the price of the product changes.
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An implication of the long-run aggregate supply curve is that continuous increases in the money supply will result in continuous
A) increases in price level. B) increases in output and price level. C) decreases in output and price level. D) decreases in output.
The incorrect presumption that because two events tend to occur together, one must cause the other is the:
A) confusion of economists. B) blunder of science. C) fallacy of false cause. D) error of inclusion.