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:

Expressly Authorized

Granted clear and definite permission or authority to do something, usually in a specific manner.

Master

An outdated term signifying an individual who has the right to control the physical conduct of a servant or employee.

Servant

An outdated term signifying a person employed to perform services in the affairs of another and who, with respect to the physical conduct in the performance of the service, is subject to the other’s right to control.

Agency Coupled

An agency relationship that cannot be easily terminated because it involves interests or benefits belonging to the agent.