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The market supply curve shows the amount of goods/services produced at any given price. There is a direct relationship between output and price. That is, if the price of goods and services is high, then sellers will produce a large number of goods and services. Conversely, if the price of goods/services is low, then output will also be low.
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What is difference between individual supply curve and market supply curve?
The difference between individual supply curve and the market supply curve is tat individual supply curve is like a firm. To be able to get the market supply curve you have to have the individual supply curve.
How is a market supply curve similar to and different from an individual supply curve?
how is a market supply curve similar to and diffrent from an individual supply curve
How do a supply curve and a market supply curve differ?
A supply curve is a graph showing each and every price in that market, where as a Market supply curve shows the prices by all firms that offer the product for sale in a given market.
A Is the market supply curve for a product more or less price elastic than the supply curve of one of the firms in the market Why?
The market supply curve of a product is more price elastic than the supply curve of one of the firms in the market. The reason is that for any given price change, the market quantity response reflects the change in output of all the firms in the market.
What do the points on a market supply curve represent?
Each point on a market supply curve denotes basically the same thing. Each point on the curve corresponds to the supply of something, but at a specific or given price.
What is difference between individual supply curve and market supply curve?
The difference between individual supply curve and the market supply curve is tat individual supply curve is like a firm. To be able to get the market supply curve you have to have the individual supply curve.
How is a market supply curve similar to and different from an individual supply curve?
how is a market supply curve similar to and diffrent from an individual supply curve
How do a supply curve and a market supply curve differ?
A supply curve is a graph showing each and every price in that market, where as a Market supply curve shows the prices by all firms that offer the product for sale in a given market.
A Is the market supply curve for a product more or less price elastic than the supply curve of one of the firms in the market Why?
The market supply curve of a product is more price elastic than the supply curve of one of the firms in the market. The reason is that for any given price change, the market quantity response reflects the change in output of all the firms in the market.
How is the market supply curve derived from the supply curve of individual producers?
By simply adding them together.
What do the points on a market supply curve represent?
Each point on a market supply curve denotes basically the same thing. Each point on the curve corresponds to the supply of something, but at a specific or given price.
How is a market supply curve similar to an individual supply curve?
The individual supply curve is the supply curve of a single firm producing output. Now say there are X individual producers there at any price P* the total available output is the output of all X producers ( a horizontal summation) this total of each individual supply curve gives the market supply curve. Put it simply all firms sell their output in the market.
What is the shape of supply curve during the market period?
The supply curve during the market period is perfectly inelastic and vertical. This shows that the supply cannot be increased in the short run.
Are the number of suppliers held constant along the market supply curve?
No, the market supply curve states that amount of goods that will be supplied within an economy at a given price.
In a competitive market the equilibrium price and quantity occur where?
When demand curve intersects the supply curve.
Which of the following is a determinant of market supply curve but not a determinant of an individual seller's supply?
number of sellers
What is a demand and supply curve?
A demand and supply curve is used in economic to show that in a competitive market, the price of a product will vary depending on the need of the consumers.
