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
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.
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.
The supply curve during the market period is perfectly inelastic and vertical. This shows that the supply cannot be increased in the short run.
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
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.
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.
By simply adding them together.
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.
The supply curve during the market period is perfectly inelastic and vertical. This shows that the supply cannot be increased in the short run.
No, the market supply curve states that amount of goods that will be supplied within an economy at a given price.
When demand curve intersects the supply curve.
number of sellers
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.
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.