A)What is the difference between a "change in supply" and a "change in quantity supplied"?

B)For each of the following changes, determine whether there will be a change in quantity supplied or a change in supply.

i. a change in the resource cost

ii. a change in producer expectations

iii. a change in price

iv. a change in technology

v. the number of sellers

A)A change in supply can be defined as a change in the availability of a given product or service. That is to say, the producers alter the total output of the industry at any given price. A change in supply can be the result of changes in technology, input prices, expectations, number of sellers, taxes, or subsidies. A change in supply is can be shown by a shift in the supply curve.

The quantity supplied is the number of products or services that producers are willing to sell at different prices. That is to say, the quantity supplied will be changed only as a consequence of changes in price. A change in the quantity supplied can be shown by a movement along the supply curve.

B)i. a change in the resource cost = A change in supply

ii. a change in producer expectations = A change in supply

iii. a change in price = A change in the quantity supplied

iv. a change in technology = A change in supply

v. the number of sellers = A change in supply