A Change in the Quantity Supplied of a Good Is

question 60

Multiple Choice

A change in the quantity supplied of a good is represented as a:

• A) movement along a supply curve.
• B) shift of a supply curve.
• C) movement along the supply function.
• D) shift of the supply function.

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Definitions:

Demand

Refers to the quantity of a particular good or service that consumers are willing and able to purchase at various prices during a given period of time.

Price-Elastic

Describing a situation where the demand for a product significantly changes in response to changes in its price.

Demand Curve

A graphical representation of the relationship between the price of a good and the quantity demanded by consumers, normally downward sloping.

Revenue

The income that a business receives from its normal business activities, usually from the sale of goods and services to customers.