Question

Distinguish between changes in supply and changes in quantity supplied

Short answer

Change in supply refers to change in the supply function, whereas change in quantity supplied simply refers to at what price, how much quantity is supplied by the producers.

Step-by-step solution

Step1. Introduction

Law of supply:

States that there exists a direct (positive) relationship between quantity supplied and price of the good, i.e., the two move in the same direction and not counter to the other.

Step2. Explanation

Change in supply refers to the shift of supply curve, that is the change in the supply function of a producer due to change in factors like cost of production, etc. Whenever either of the factors, or a combination change, they simultaneously affect the supply leading to a complete change in the function itself. This will cause a complete shift of the curve as the curve equation has changed in terms of the change in supply function.

Change in quantity supplied can rather be linked with the concept of movement along the supply curve, i.e., how the quantity that a particular producer produces and supplies to the market changes with the change in prices in the market. If price rises, suppliers would like to supply more as well, and vice versa. So, the change in supply in terms of number of units, corresponding to change in the price, while the supply function remains as it is, is called change in quantity supplied.