What Is the Term for a Change in the Amounts

question 3

Multiple Choice

What is the term for a change in the amounts that a producer is willing and able to make available as a result of a price change?

• A)Change in the quantity supplied.
• B)Change in the individual supply.
• C)Change in the market supply.
• D)Change in the market demand.

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Definitions:

Long Run

The long run is a period in economics where all factors of production and costs are variable, allowing companies to adjust all inputs.

TVC

Total Variable Cost, which refers to the total of all costs that vary with the level of output in the production of goods or services.

Short Run

In economics, a period in which at least one factor of production is fixed and cannot be changed.

Total Variable Cost

Represents the sum of all costs that vary with the level of output production, excluding fixed costs.