Upgrade to access all content for this subject
Which of the following accurately describes the difference between supply and the quantity supplied?
They are the same.
The quantity supplied is the number of units supplied at a given price, while supply describes how quantity supplied changes with price.
The supply is the amount that producers intend to make, while the quantity supplied is the amount they actually end up making.
The supply is the most efficient production, while quantity supplied takes into account things like taxes and price ceilings.