What is individual supply and market supply?
Answers
Answer:
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. Meanwhile, market supply describes the quantity of a specific good or service that all sellers in a market combined are willing to sell (i.e. the sum of all individual supplies for a particular good or service).
Explanation:
Answer:
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.
Individual supply function refers to the functional relationship between supply and factors affecting the supply of a commodity.
Market supply is the total amount of an item producers are willing and able to sell at different prices, over a given period of time e.g. one month. Industry, a market supply curve is the horizontal summation of all each individual firm's supply curves.The major difference in both terms is that Individual supply refers to the quantity supplied by the single seller whereas Market supply refers to the quantity supplied by all sellers in the market.