Movements along a supply curve are called changes in quantity supplied, while shifts to new supply curves are called changes in supply.
1. Explain the differences between a change in quantity supplied and a change in supply.
2. Define the following terms:
a. Relevant resource
b. Technology
c. Tax
d. Subsidy
3. Graphically illustrate the difference between an increase in quantity supplied and an increase in supply.
4. Graphically illustrate the difference between a decrease in quantity supplied and a decrease in supply.
5. List the changes that would shift the supply curve rightward.
6. List the changes that would shift the supply curve leftward.