ECONOMICS
SCARCITY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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a change in quantity supplied
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a change in quantity demanded
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a change in supply
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a change in demand
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Detailed explanation-1: -Supply curve shift: Changes in production cost and related factors can cause an entire supply curve to shift right or left. This causes a higher or lower quantity to be supplied at a given price. The ceteris paribus assumption: Supply curves relate prices and quantities supplied assuming no other factors change.
Detailed explanation-2: -Change in supply refers to a shift, either to the left or right, in the entire price-quantity relationship that defines a supply curve. Essentially, a change in supply is an increase or decrease in the quantity supplied that is paired with a higher or lower supply price.
Detailed explanation-3: -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-4: -A leftward shift of the supply curve is a representation of the decrease in the quantity of a product/service supplied at every given price.