Define change in supply.
Understand the Problem
The question is asking for a definition of the term 'change in supply,' which is commonly used in economics to describe the variations in the amount of a good or service that producers are willing and able to sell at different prices. This concept often involves factors that lead to an increase or decrease in supply, such as production costs, technology, or government policies.
Answer
A shift in the entire supply curve due to factors other than the good's price.
The final answer is that a change in supply refers to a shift in the entire supply curve, either to the left or right, often due to factors other than a change in the good's price.
Answer for screen readers
The final answer is that a change in supply refers to a shift in the entire supply curve, either to the left or right, often due to factors other than a change in the good's price.
More Information
Changes in supply can be caused by various factors such as technological advances, input prices, taxes, subsidies, and expectations about future prices.
Tips
A common mistake is confusing a change in supply with a change in quantity supplied. The former shifts the entire curve, while the latter is a movement along the supply curve due to a price change.
Sources
- Change In Supply: Increase, Formula & Example | Vaia - vaia.com
- Changes in Supply: Increase and Decrease of Supply - Toppr - toppr.com
- 3.4 Changes in Supply – Principles of Microeconomics - ecampusontario.pressbooks.pub
AI-generated content may contain errors. Please verify critical information
