Economics Supply And Demand Questions Medium
The difference between a change in quantity supplied and a change in supply lies in the factors that cause these changes and their impact on the market.
A change in quantity supplied refers to a movement along the supply curve due to a change in price. It occurs when the price of a good or service changes, resulting in a change in the quantity of that good or service supplied by producers. This change is represented by a movement along the existing supply curve, as the quantity supplied changes in response to the price change while other factors remain constant.
On the other hand, a change in supply refers to a shift of the entire supply curve. It occurs when there is a change in any non-price factor that affects the quantity supplied at each price level. These non-price factors can include changes in production costs, technology, input prices, government regulations, and expectations of future prices. When any of these factors change, the supply curve shifts either to the right (increase in supply) or to the left (decrease in supply), indicating a change in the quantity supplied at every price level.
In summary, a change in quantity supplied is a movement along the supply curve caused by a change in price, while a change in supply is a shift of the entire supply curve caused by changes in non-price factors affecting the quantity supplied at each price level.