|Posted on April 15, 2014 at 8:55 AM|
The law of supply states that as the price increases, the quantity supplied will increase. A change in quantity supplied occurs when the price of the product changes. This means that you move point-to-point along the supply curve.
A change in supply refers to a shift of the entire supply curve. This is caused by a change in the determinants of supply.
Change in quantity supplied: point-to-point movement along supply curve
Change in supply: shift of the supply curve
AP Macroeconomics / AP Microeconomics Unit 1 Basic Economic Concepts