Change in supply,
Definition of Change in supply:
A situation that occurs when the producers of a particular good or service change the quantity available for purchase. A change in supply typically results in a market imbalance as prices adjust, and such a change can result from technological improvements, increased or decreased competition, and a rise in raw material prices or a drop in market prices.
A change in supply is an economic term that describes when the suppliers of a given good or service alters production or output. A change in supply can occur as a result of new technologies, such as more efficient or less expensive production processes, or a change in the number of competitors in the market.
Change in supply refers to a shift, either to the left or right, in the entire price-quantity relationship that defines a supply curve.
How to use Change in supply in a sentence?
- Change in supply refers to a shift, either to the left or right, in the entire price-quantity relationship that defines a supply curve.
- A key distinction is that a change in supply is not to be confused with a change in the quantity supplied.
- Essentially, a change in supply is an increase or decrease in the quantity supplied that is paired with a higher or lower supply price.
Meaning of Change in supply & Change in supply Definition