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Bot GPT 3.5 The difference between 'a change in supply' and 'a change in quantity supplied' lies in the factors that cause the shift in the supply curve and the resulting effects on quantity supplied at a given price.
'A change in supply' refers to a shift in the entire supply curve, either to the left or right. This shift occurs due to factors such as changes in production costs, input prices, technology, taxes or subsidies, number of suppliers, expectations, and government regulations. It represents a change in the willingness and ability of producers to supply a specific quantity of goods or services at various price levels. When supply increases, the supply curve shifts to the right, indicating that more quantity can be supplied at each price level. Conversely, a decrease in supply shifts the curve to the left, signifying a reduction in the quantity that can be supplied at each price level.
On the other hand, 'a change in quantity supplied' refers to movement along the supply curve in response to a change in the price of the product. It indicates a change in the amount of goods or services that suppliers are willing and able to produce and sell at a given price. This change is shown as a movement from one point to another on the existing supply curve. If the price of a product increases, quantity supplied also increases, leading to a movement upwards and to the right along the supply curve. Conversely, a decrease in price results in a decrease in quantity supplied, leading to a movement downwards and to the left along the supply curve.
In summary, a change in supply refers to a shift in the entire supply curve caused by various factors, whereas a change in quantity supplied represents movement along the supply curve due to a change in the price of the product.