The Primary Difference Between a Change in Supply and a Change

question 157

Multiple Choice

The primary difference between a change in supply and a change in the quantity supplied is:

• A) a change in quantity supplied is a shift in the supply curve, and a change in supply is a movement along the supply curve.
• B) both a change in quantity supplied and a change in supply are movements along the supply curve, only in different directions.
• C) a change in quantity supplied is a movement along the supply curve, and a change in supply is a shift of the supply curve.
• D) a change in supply is a movement to the left along the supply curve and a change in quantity supplied is a movement to the right along the supply curve.

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Definitions:

Equilibrium Price

The charge where the amount of merchandise supplied equals the amount consumers are willing to purchase.

Inelastic Demand

A situation where the demand for a product does not significantly change with a change in price.

Elastic Supply

A situation where the supply of a good changes significantly when its price changes.

Tax Burden

The measure of the impact of taxation on an individual's or entity's income, assets, or purchasing power.