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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

What is the difference between the supply and the quantity supplied of a product, say milk? Explain in words and show the difference on a graph with the supply curve for milk.

To determine

Explain the difference between the supply of a product and quantity supplied of a product with the help of a diagram.

Explanation

We generally use the word change in quantity supplied for a product to show the change in quantity supplied due to change in price level. So, if the price of milk increases, so, as per the law of supply, the quantity supplied for milk increases. There will be a movement along the supply curve (From point A to point B on the supply curve).

The term change in supply is used to show the change in supply for a product due to change in factors other than own price of the product...

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