06.07.2022 - 00:33

A change in the price of a good leads to a change in ________, which leads to a _______. A. quantity supplied; shift of the supply curve B. supply; shift of the supply curve C. quantity supplied; movement along the supply curve D. supply; movement alo

Question:

A change in the price of a good leads to a change in _____, which leads to a _____.

A. quantity supplied; shift of the supply curve

B. supply; shift of the supply curve

C. quantity supplied; movement along the supply curve

D. supply; movement along the supply curve

Answers (0)
  • Myrna
    April 3, 2023 в 17:17
    The correct answer is C. quantity supplied; movement along the supply curve. A change in the price of a good will result in a change in the quantity supplied, not the supply itself. This is because the quantity supplied refers to the amount of a good that producers are willing and able to sell at a given price, while the supply refers to the entire range of quantities that producers are willing and able to sell at different prices. When the price of a good increases, producers will be able to sell more of it, leading to a movement along the existing supply curve as they increase the quantity supplied. However, if the price of the good increases to a point where it becomes more profitable for producers to switch to producing this good instead of other goods, then the overall supply may shift as more producers enter the market, which will result in an increase in the quantity supplied at all prices.
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