What Is the Difference Between an "Increase in Supply" and an "Increase

question 51

Multiple Choice

What is the difference between an "increase in supply" and an "increase in quantity supplied"?

• A)There is no difference between the two terms; they both refer to a shift of the supply curve.
• B)There is no difference between the two terms; they both refer to a movement along a given supply curve.
• C)An "increase in supply" means the supply curve has shifted to the right while an "increase in quantity supplied" means at any given price supply has increased.
• D)An "increase in supply" means the supply curve has shifted to the right while an "increase in quantity supplied" refers to a movement along a given supply curve in response to an increase in price.

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Definitions:

Absolute Advantage

The ability of an entity to produce a good or service more efficiently than its competitors, using fewer resources.

Textiles

Materials made from fibers, filaments, threads, or yarns, typically used in the production of fabrics and cloth.

Comparative Advantage

The ability of an entity to produce a good or service at a lower opportunity cost compared to others.

Absolute Advantage

The ability of a country, individual, company, or region to produce a good or service at a lower cost per unit than the cost at which any other entity produces that good or service.