Scarcity & Tradeoffs
Market Graphs (Supply, Demand, etc.)
Government Intervention in Market
Firm Graphs (Fixed, Variable, Marginal Cost, etc.)

Quantity Supplied vs. Supply

QUANTITY SUPPLIED IS NOT THE SAME AS SUPPLY.

Quantity Supplied is the amount of a good or service that a supplier is willing to supply at a given price.

Price is the only thing that can change quantity supplied!

Supply is the entire relationship between quantity supplied and price, represented with the supply curve.

Scenario: Prices of white shoes increase from $100 to $150. Determine the resulting change in quantity supplied.

Answer: Due to the price changing from $100 to $150, the quantity supplied will increase from 2 to 3.

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