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iiSupply • refers to the entire relationship between prices and the quantity of this product supplied at each of these prices. • should be thought of as "the supply curve."
Quantity Supplied• refers to one particular point on the supply curve (not the entire curve).• refers to how much of the product is supplied at one particular price. • is the horizontal distance between the vertical axis and the supply curve.
market is at equilibrium intially at point E1 where demand = supply , price=P1 and quantity=Q1
when supply shifts to the left oor upward, this will lead to shortage due to more demand and less supply at same price P1 and therefore due to higher demand , price will increase and this will lead to increase in equilibrium price or attainment of new equilibrium at E2 where price=P2 and quantity=Q3