ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A change in quantity supplied is a movement along the supply curve in response to a change in price. A change in supply is a shift of the entire supply curve in response to something besides price.

Detailed explanation-2: -Supply of goods and services Price is what the producer receives for selling one unit of a good or service. An increase in price almost always leads to an increase in the quantity supplied of that good or service, while a decrease in price will decrease the quantity supplied.

Detailed explanation-3: -This is caused by production conditions, changes in input prices, advances in technology, or changes in taxes or regulations. A change in quantity supplied refers to a movement along the supply curve, which is caused only by a change in price.

Detailed explanation-4: -Quantity Supplied Under Regular Market Conditions The supply curve is upward-sloping because producers are willing to supply more of a good at a higher price. The demand curve is downward-sloping because consumers demand less quantity of a good when the price increase.

Detailed explanation-5: -Economists generally lump together the quantities suppliers are willing to produce at each price into an equation called the supply curve. The higher the price, the more suppliers are likely to produce. Conversely, buyers tend to purchase more of a product the lower its price.