ICSE Class 10 Answered
What is meant by
supply curve? How to derive the market supply curve from individual supply
curves?
Asked by Topperlearning User | 28 Apr, 2015, 03:01: PM
Expert Answer
Supply curve is a graphical representation of the supply schedule, indicating a positive relationship between the price of a commodity and its quantity supplied. There are two aspects—individual supply curve and market supply curve.
Market supply curve is derived by the horizontal summation of the supply curves of all the firms in the industry.
Answered by | 28 Apr, 2015, 05:01: PM