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Bot GPT 3.5 A change in supply refers to a shift in the entire supply curve, which is caused by factors that affect the overall supply of a good or service in the market. These factors can include changes in production costs, technology, government regulations, taxes, subsidies, and the number of suppliers in the market. When there is a change in supply, it means that at every price point, the quantity supplied by producers is different than before.
On the other hand, a change in the quantity supplied refers to movement along the supply curve, resulting from a change in the price of the good or service. It implies that all other factors affecting supply remain constant. When the price of a product increases, the quantity supplied by producers tends to increase, and when the price decreases, the quantity supplied tends to decrease. This relationship between the price and quantity supplied is represented by movement along the supply curve.
In summary, a change in supply shifts the entire supply curve due to various factors affecting overall supply, while a change in the quantity supplied reflects movement along the supply curve caused by a change in price.