What is the definition of a market supply curve?
Understand the Problem
The question is asking for the definition of a market supply curve, which relates to economics. The market supply curve illustrates the relationship between the price of a good and the quantity supplied by producers in a market.
Answer
A graph showing how much of a good or service all producers supply at different prices.
The market supply curve is a graph detailing how much of a good or service all the producers would furnish at different prices.
Answer for screen readers
The market supply curve is a graph detailing how much of a good or service all the producers would furnish at different prices.
More Information
The market supply curve slopes upward to the right, indicating that producers are willing to supply more at higher prices.
Tips
Avoid confusing the market supply curve with the individual firm's supply curve; the market curve aggregates all producers.
Sources
- The web page with info on - Higher Rock Education - higherrockeducation.org
- Supply Curve: Definition, How It Works, and Example - Investopedia - investopedia.com
- Market Supply Curve | Calculations, Graphs & Examples - Lesson - study.com
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