Question

Explain the difference between ‘a change in supply’ and ‘a change in the quantity supply’

Answer 1

[AI-generated answer — Bot GPT 3.5]

A change in supply refers to a shift in the entire supply curve, caused by factors such as changes in production technology, input costs, government regulations, or changes in producer expectations. This means that at every price level, the quantity supplied in the market will change.

On the other hand, a change in the quantity supplied refers to movement along the existing supply curve due to a change in the market price. In this case, the supply curve remains unchanged, but there is a change in the specific quantity that producers are willing and able to supply at different price levels.

To summarize, a change in supply refers to a shift in the entire supply curve due to various factors affecting producers' ability and willingness to supply a good or service, whereas a change in the quantity supplied refers to a movement along the existing supply curve caused by a change in the market price.