Definitions for "Change In Supply" Add To Word List
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A change in one of the cost determinants of supply causing a shift in the position of the supply curve. Choice: The act of selecting among alternatives, a concept crucial to economics.
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a change in the ENTIRE supply relation
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A change in the quantity that suppliers plan to sell when any influence on selling plans other than the price of the good changes. (p. 91)
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see Supply decrease and Supply increase.
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A change in supply is a change in producers' willingness and ability to produce and sell their products which occurs when some influence on those plans (other than the price of the product) changes. It is illustrated by a shift of the supply curve and by the creation of a new supply schedule. Contrast with change in the quantity supplied.
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