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CHANGE IN SUPPLY: A shift of the supply curve caused by a change in one of the supply determinants. In essence, a change in supply is caused by any factor affecting supply EXCEPT price. This concept should be contrasted directly with a change in quantity supplied. You should also review the terms change in quantity demanded and change in demand, too. A change in supply is a change in ALL supply price-quantity supplied pairs, meaning that each price is matched up with a different quantity (which is illustrated as a shift of the supply curve). And this change in supply is caused by a change in any of the supply determinants. In contrast, a change in quantity supplied is a change from one price-quantity pair to the another (which is illustrated as a movement along a given supply curve).
Visit the GLOSS*arama
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time strolling through a department store wanting to buy either a genuine down-filled snow parka or throw pillows for your living room sofa. Be on the lookout for the happiest person in the room.
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This isn't me! What am I?
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The portrait on the quarter is a more accurate likeness of George Washington than that on the dollar bill.
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"It's usually the last ounce of effort that tips the scales of success." -- Rick Beneteau
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OTS
Office of Thrift Supervision
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