Welcome to another episode of my podcast. Movement along the demand or supply curve takes place when all factors affecting demand and supply are constant and Only the Price is changing. Whereas, shift of demand or supply curve occurs when Any other of the many factors (Non Price) affecting demand and supply changes.
Welcome to another episode of my podcast. Supply refers to the entire relationship between prices and the quantity of the product supplied at each of these prices ( think of the supply curve). Whereas Quantity supplied refers to one particular point on the supply curve ( not the entire curve), referring to how much of the product is supplied at one particular price.
Welcome to another episode of my podcast. An increase in supply occurs when more is supplied at each price and vice versa, this could occur due to change in number of sellers in the market ( population of sellers).