explain the difference between a change in supply and a change in quantity supplied. Provide a real world example of a factor that would cause change.

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Business

Anya Klein

4 February, 21:56

explain the difference between a change in supply and a change in quantity supplied. Provide a real world example of a factor that would cause change.

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Answers (1)

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Luis Marks · Answer 1

Change in supply means a total shift from product A supplied to product B.

Change in quantity supplied means in the same product A, the number of products supplied either increases of decrease but the product is still the same.

Explanation:

Change is supply is a total shift in products and change in quantity is only the number of units supplied in the same product. For an example, seasonal products like fruit are an example of both change in supply and change in quantity supplied. If Oranges are in season then the number of units supplied is obviously high and when the season is phasing out then the number will obviously decrease, law of demand and that is change in quantity supplied. When the season is out the market will shift products from Oranges to a available product.