Asked by
Amaya Spencer
on Nov 17, 2024
Verified
Individual supply curves are summed vertically to obtain the market supply curve.
Individual Supply Curves
Graphical representations showing the relationship between the price of a good and the quantity of the good a seller is willing to supply, holding all else constant.
Market Supply Curve
A graphical representation showing the relationship between the price of a good and the total output of the industry.
- Distinguish between movements along and shifts of the supply and demand curves.
Verified Answer
SR
Learning Objectives
- Distinguish between movements along and shifts of the supply and demand curves.