Question

Define supply. Distinguish between individual supply and market supply.

Answer 1

Answer:The market supply is the total quantity of a good or service all producers are willing to provide at the prevailing set of relative prices during a defined period of time. The market supply is the sum of all individual producer supplies.

Individual supply is the supply of an individual producer at each price whereas market supply of the individual supply schedules of all producers in the industry.

Explanation:

Answer 2

Answer:

Supply is the various quantities of a commodity that a producer is willing to sell at a specific price during a given period of time.

Individual supply is the quantitiy of a commodity that a single firm is willing to sell in the market whereas market supply is the various quantities of a commodity that all the producers willing to sell in the market.