distinguish between individual supply and market supply
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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
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Difference between individual supply and market supply:
Individual supply:
- Individual supply denotes the supply of an individual producer’s commodity which he/she offers for sale in the marketplace for a definite time period for different prices.
- Individual supply defines the readiness of an individual firm to offer a particular quantity of a commodity or service to the marketplace over a given time period.
- It is dependent on several different factors such as the product price, production cost, policies and regulations of the government, and so on.
Market supply:
- Market supply is the supply of different sellers’ commodity which they offer for sale for a definite time period for varied prices.
- Market supply defines the quantity of a particular commodity or service which all sellers in a market collectively are ready to sell.
- It denotes the quantity of all individual supplies for a specific commodity or service.
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