Difference between Change in Quantity Supplied and Change in Supply
|
Basis |
Change in Quantity Supplied |
Change in Supply |
|---|---|---|
|
Meaning |
A change in quantity supplied of a commodity due to an increase or decrease in its price while all other factors remain constant is known as a Change in Quantity Supplied. |
A change in supply of a commodity as a result of a change in variable other than its price is known as a Change in Supply. |
|
Effect on Supply Curve |
It results in a movement along the same supply curve, either downwards (Contraction in Supply) or upwards (Expansion in Supply). |
The shift in the supply curve is either rightwards (known as an Increase in Supply) or leftwards. (known as a Decrease in Supply). |
|
Reason |
It happens due to a change in the price of the given commodity. |
It occurs as a result of other factors, such as changes in the price of substitute and complementary goods, changes in income levels, etc. |
Difference between Change in Quantity Supplied and Change in Supply
The terms Change in Quantity Supplied and Change in Supply are usually used interchangeably but are different from various prospects. Change in quantity supplied is defined as the change in the level of the quantity that the seller wishes to sell at a particular price, occurring due to a change in the price of the commodity (other factors remaining constant). Change in supply is defined as the change in the level of the quantity that the seller wishes to sell at a particular price, occurring due to changes in other factors of the supply (own price of the commodity remains the same).