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Chapter 3: Problem 12

What is the difference between supply and quantity supplied?

Short Answer

Expert verified
Supply is the total amount of a product or service that producers are willing and able to offer at various prices, represented as a curve in a graph. Quantity supplied is a specific quantity offered at a specific price, representing a single point on the supply curve.

Step by step solution

01

Define Supply

Supply in an economic context refers to the quantity of a specific product or service that entities are willing and able to make available in the market at varying price points. This is typically represented in the form of a supply curve where increasing prices generally indicate a greater willingness to supply more of a product or service.
02

Define Quantity Supplied

Quantity Supplied, on the other hand, refers to a specific quantity that a supplier is willing and able to offer in the market at a specific price. Thus, quantity supplied is a point on the supply curve.
03

Highlight the Difference

The primary difference between supply and quantity supplied is that supply refers to the entire curve in the graph, showing various quantities that suppliers are willing to provide at different price levels. In contrast, quantity supplied represents a single point on that curve, where a specific quantity is offered at a specific price. In other words, supply refers to the broader market behavior, while quantity supplied pertains to an individual producer's action at a particular price point.

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Most popular questions from this chapter

Suppose the demand curve for a good is downward sloping and the supply curve is upward sloping. Now suppose demand rises. Will producers' surplus rise or fall? Explain your answers.

Some goods are bought largely because they have "snob appeal." For example, the residents of Beverly Hills gain prestige by buying expensive items. In fact, they won't buy some items unless they are expensive. The law of demand, which holds that people buy more at lower prices than higher prices, obviously doesn't hold for the residents of Beverly Hills. The following rules apply in Beverly Hills: high prices, buy; low prices, don't buy. Discuss.

Compare the ratings for television shows with prices for goods. How are ratings like prices? How are ratings different from prices?

"The price of a bushel of wheat, which was $$\$ 3.00$$ last month, is $$\$ 3.70$$ today. The demand curve for wheat must have shifted rightward between last month and today." Discuss.

With respect to each of the following changes, identify whether the demand curve will shift rightward or leftward: a. An increase in income (the good under consideration is a normal good) b. A rise in the price of a substitute good (caused by a decline in supply) c. A rise in expected future price d. A fall in the number of buyers
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