ECONOMICS
SUPPLY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A change in price causes a change in quantity supplied. One of the determinants of supply causes a change in supply
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A change in price is caused by Supply
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Supply is not influenced by anything
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Prices of goods are set by the government authority in a mixed market economy
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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: -What Is the Difference Between Supply and Quantity Supplied? Supply is the entire supply curve, while quantity supplied is the exact figure supplied at a certain price. Supply, broadly, lays out all the different qualities provided at every possible price point.
Detailed explanation-3: -Answer and Explanation: The difference between the change in demand and change in quantity demanded is that change in demand means rightward or leftward shift in the demand curve and change in quantity demanded means movement along the demand curve.
Detailed explanation-4: -Change in demand refers to the difference in the needed amount of goods and services that result from the change in other factors other than the price change. On the other hand, change in quantity demanded refers to changes in the number of goods needed by a market, which results from changes in the commodity price.
Detailed explanation-5: -Answer and Explanation: The difference in a change in quantity supplied and change in supply is the quantity supplied is changed because a price change causes movement along the supply curve, and a change in supply is a shift in the supply curve.