What Is the Difference Between a Change in Quantity Supplied

question 33

Multiple Choice

What is the difference between a change in quantity supplied and a change in supply?

• A) There is no difference.
• B) A change in the quantity supplied shifts the supply curve, and a change in supply simply moves along the supply curve.
• C) A change in the market price affects the quantity supplied, but not the supply.
• D) A change in the market price affects the supply, but not the quantity supplied.

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Definitions:

Supply Curve

A graphical representation showing the relationship between the price of a good and the quantity of the good that sellers are willing to supply.

Demand Curve

A line on a graph that illustrates the quantity of a product that consumers are willing and able to purchase at various price points.

Public Good

A good that is non-excludable and non-rivalrous, meaning individuals cannot be effectively excluded from its use, and one individual's use does not reduce availability to others.

Asymmetric Information

A situation where one party to a market transaction has much more information about a product or service than the other. The result may be an under- or overallocation of resources.