Question
Individual Supply and Market Supply
✓
Answer
Individual Supply:
(a) Individual Supply schedule refers to various quantities of a commodity that an individual seller is willing to sell in the market at different prices during given period of time.
(b) Individual Supply is a narrow concept. It is a part of market_supply.
(c) Schedule:
(a) Individual Supply schedule refers to various quantities of a commodity that an individual seller is willing to sell in the market at different prices during given period of time.
(b) Individual Supply is a narrow concept. It is a part of market_supply.
(c) Schedule:
(d) As price rises, a seller likes to sell more.
Market Supply:
(a) Market Supply schedule refers to various quantities of a commodity that all sellers are willing to sell in the market at different prices during given period of time.
(b) Market Supply is a broader concept. It is sum total of individual supply.
(c) Schedule:
(d) As price rises total quantity supplied in the market increases.
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