Question

The difference between supply and quantity supplied is that "supply" refers to the ___________ and "quantity supplied" refers to the __________. a. curve; point on the curve b. point on the curve; curve c. supply schedule; curve d. curve; supply schedule

Answer 1

a. curve; point on the curve

Step-by-step explanation:

Supply refers to the supply curve. Changes in supply leads to movement of the supply curve either to the left or to the right.

Factors that cause change in supply:

A. Cost of production

B. Weather

C. Taxes

D. Number of suppliers

Quantity supplied is a point on th curve with reference to price. Changes in quantity supplied is represented by movement either up or down the supply curve. Changes in quantity supplied is caused only by changes in price.

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