Question

6 . What is the difference between shifts in supply vs. changes in quantities supplied ?

6 . What is the difference between shifts in supply vs. changes in quantities supplied ?

Homework Answers

Answer #1

Shift in supply : When the supply of a good changes with the change in factors other than price ,then the supply curve shifts. The other factors include changes in technology , change in input prices, expectation about price, nature of goods, price of related goods. The shift in supply represents the change in supply.

Changes in quantity supplied : When the quantity supplied changes because of change in the price of a good ,this represents the movement along the supply curve.

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