Which of the following accurately describes the difference between a change in supply and a change in quantity supplied? a. A change in quantity supplied is a movement along the supply curve, but a change in supply is a shift of the entire supply curve. b. A change in supply is a movement along the supply curve, but a change in quantity supplied is a shift of the entire supply curve. c. There is no difference; they mean the same thing. d. A decrease in supply causes an increase in demand, but a decrease in quantity supplied causes a decrease in demand.

Question

Madison

Business

16 December, 04:32

Which of the following accurately describes the difference between a change in supply and a change in quantity supplied? a. A change in quantity supplied is a movement along the supply curve, but a change in supply is a shift of the entire supply curve. b. A change in supply is a movement along the supply curve, but a change in quantity supplied is a shift of the entire supply curve. c. There is no difference; they mean the same thing. d. A decrease in supply causes an increase in demand, but a decrease in quantity supplied causes a decrease in demand.

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Answers (1)

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Shawn Macias · Answer 1

Option A

Explanation:

First let's make see the what is the difference (they are not the same thing.) And then lets analize which statement is the most accurate.

A change in supply and a change in quantity supplied are different things. The change in supply is caused by changes in costs and incentives that change how much a producer can and will produce at a given price.

The change in quantiy supplied is caused simply by a change in the retail price of the product.

The change in quantity supplied is shown as a movement along the curve. While the change in supply is shown graphically as a movement of the supply curve.

As we can see, that means that A is the correct answer.