What is a "change in supply" characterized by?

A "change in supply" is accurately characterized by a shift of the entire supply curve due to changes in determinants other than price. This concept signifies that factors such as production costs, technology, taxes, subsidies, and the number of sellers in the market can lead to an overall increase or decrease in supply.

When supply changes, it does not merely involve the quantities supplied at various price levels, which is represented by a movement along the existing supply curve. Instead, the entire curve is affected, indicating that at every price level, the quantity supplied has changed. For example, if a new technology reduces production costs, this typically would shift the supply curve to the right, reflecting an increase in supply.

Understanding this distinction is crucial, as it highlights the responsiveness of supply to external factors and clarifies how these factors can influence market dynamics.