Question

explain the types of supply with suitable examples

Answer 1

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→ Individual supply is the quantity of goods a single producer is willing to supply at a particular price and time in the market. In economics, a single producer is known as a firm.

→ Market supply is the quantity of goods supplied by all firms in the market during a specific time period and at a particular price. Market supply is also known as industry supply as firms collectively constitute an industry.

→ For example, a seller offers a commodity at 100 per piece in the market. In this case, only commodity and price are specified; thus, it cannot be considered as supply.

→ However, there is another seller who offers the same commodity at 110 per piece in the market for the next six months from now on. In this case, commodity, price, and time are specified, thus it is supply.

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