What is the difference between supply and quantity supplied?(1 point)
Responses
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 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 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 and quantity supplied are the same.
Supply and quantity supplied are the same.
Supply and quantity supplied are not the same.
Supply refers to the total amount of goods or services that are available in the market at a given price level. It represents the entire range of quantities that producers are willing and able to offer at different prices.
On the other hand, quantity supplied refers to a specific quantity of a good or service that is offered for sale at a particular price. It focuses on the specific quantity that producers are willing and able to supply at a particular price level.
In summary, supply represents the entire range of quantities available at different prices, while quantity supplied refers to a specific quantity available at a specific price.