One says individual and the other says market!
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 diffrent from an individual supply curve
Types of supply :---- 1. Individual supply 2. Market supply
the major difference between the two is mercantalism is based around the government and capitalism around the individual. Mercantalism depends on a trading market of exporting more than importing to increase the gold and silver of a country. Capitalism has supply and demand.
A supply schedule a chart that lists how much of a good a supplier will offer at different prices. A market supply schedule a table that lists the quantity of a good ALL consumers in a market will buy at every different price.
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 diffrent from an individual supply curve
Because of forex market and demand & supply
Types of supply :---- 1. Individual supply 2. Market supply
the major difference between the two is mercantalism is based around the government and capitalism around the individual. Mercantalism depends on a trading market of exporting more than importing to increase the gold and silver of a country. Capitalism has supply and demand.
A supply schedule a chart that lists how much of a good a supplier will offer at different prices. A market supply schedule a table that lists the quantity of a good ALL consumers in a market will buy at every different price.
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.
By simply adding them together.
number of sellers
Add up quantities supplied by all individual producers for each price.
Excess demand (a seller's market) means the product is in short supply and prices will rise. Excess supply (buyer's market) means too much product as compared to demand and therefore prices will fall.
administered price means price set by a body outside of the market..And market price is a price set up on basis of demand and supply.