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:

Social Planner

A theoretical decision-maker in economics who aims to achieve optimal outcomes for society by considering the allocation of resources and distribution of goods and services.

Subsidy

A payment made by the government to a firm, industry, or individual, usually to encourage the production of a certain good or service or to reduce its price for consumers.

Output

The quantity of goods or services produced in a given time period, by a firm, industry, or country.

Internalized

The process of incorporating external costs or benefits into one's own decision-making criteria.