What is the difference between supply and quantity supplied?(1 point)
Responses
Supply is the total amount of goods available; quantity supplied is how much is made available at each price level.
Supply is the total amount of goods available; quantity supplied is how much is made available at each price level.
Supply is how much consumers are willing to buy; quantity supplied is how much is made available.
Supply is how much consumers are willing to buy; quantity supplied is how much is made available.
Supply and quantity supplied are the same.
Supply and quantity supplied are the same.
Supply deals with the decisions of consumers and quantity supplied deals with the decisions of a producer.
Supply deals with the decisions of consumers and quantity supplied deals with the decisions of a producer.
Supply is the total amount of goods available in the market, taking into account factors such as production capabilities, resources, and technology. It represents the entire supply curve, which shows the quantity of a product that suppliers are willing and able to produce and sell at various price levels.
On the other hand, quantity supplied refers to the specific quantity of a product that suppliers are willing and able to produce and sell at a particular price level. It represents individual points on the supply curve and is influenced by factors such as production costs, input prices, and market conditions.
In summary, supply refers to the overall availability of goods, while quantity supplied refers to the specific quantity offered at a given price level.
The correct response is:
Supply is the total amount of goods available; quantity supplied is how much is made available at each price level.
To understand the difference between supply and quantity supplied, you need to understand the basic concepts of economics. In economics, supply refers to the total amount of goods or services that producers are willing and able to produce and sell at various price levels, assuming all other factors remain constant. It represents the entire range of production levels that producers are capable of achieving.
On the other hand, quantity supplied specifically refers to the amount of goods or services that producers are willing and able to sell at a given price. It represents a specific quantity produced and offered by producers in response to a particular price level.
In simpler terms, supply is a broader concept that encompasses all possible production levels, while quantity supplied focuses on a specific production level corresponding to a certain price. For example, a clothing manufacturer might have the capacity to produce 10,000 shirts a month (supply), but they may actually choose to produce and sell only 5,000 shirts at the current price level (quantity supplied).
Understanding the difference between supply and quantity supplied is crucial in analyzing market dynamics and determining how changes in price, demand, or production capacities can affect the overall availability of goods or services.