Question

distinguish between individual supply and market supply?

need a short type answer like 7 or 9 lines

Answer 1

Individual Supply

Individual supply describes the willingness of an individual firm to provide a specific quantity of a good or service to the market over a given period of time. It depends on a number of different factors, such as the price of the product, cost of production, government policies and regulation, etc. (for more information see also factors that cause a shift in the supply curve). In most cases (i.e. for normal goods) supply increases as the price of a good or service rises. This relationship between price and quantity can be illustrated with a supply curve

Market Supply

Market supply describes the quantity of a specific good or service that all sellers in a market combined are willing to sell. In other words, it represents the sum of all individual supplies for a particular good or service.

Answer 2

Answer:

Explanation:

Individual supply:

Supply of a commodity by an individual firm is called individual supply. In order to construct an individual supply schedule of a commodity we need information on quantities supplied at different prices.

Market supply:

Like an individual supply schedule the market supply schedule of a commodity is the sum of the quantities of the commodity supplied by all the firm's on the market at different prices. When prices of the commodity increases the quantity of the same increases and when the price decrease the quantity decreases as per law of supply. Similarly other firms / seller in the market will also increase or decrease their respective quantities.

Hope it helps u