### Conceptual Question on Supply Curves#### Multiple Choice Question:**If something happens to alter the quantity supplied at any given price, then:**- ○ we move along the supply curve.- ○ the supply curve shifts.- ○ the supply curve becomes steeper.- ○ the supply curve becomes flatter.#### Explanation:This question pertains to the changes in the supply curve in response to a shift in factors affecting the quantity supplied. It is important to understand how different scenarios affect the position and shape of the curve. 1. **Movement Along the Supply Curve:** This occurs when there is a change in the price of the good itself, leading to a different quantity being supplied, but the supply curve remains in the same position.2. **Shift of the Supply Curve:** This occurs when other factors (e.g., production cost, technology, number of sellers) change, leading to more or less quantity being supplied at every price. This results in the supply curve moving to the left or right.3. **Changes in the Slope of the Supply Curve:** - **Steeper Curve:** Indicates a larger change in price is needed to change the quantity supplied. - **Flatter Curve:** Indicates a smaller change in price will change the quantity supplied significantly.Understanding these concepts is crucial for analyzing market dynamics and predicting the effects of different economic variables on supply.

Price has a direct relationship with quantity supplied

Answered: If something happens to alter the…

ENGR.ECONOMIC ANALYSIS

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Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

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If something happens to alter the quantity supplied at any given price, then O we move along the supply curve. O the supply curve shifts. O the supply curve becomes steeper. O the supply curve becomes flatter.