The industry supply curve can be constructed by:
a. multiplying the market-equilibrium quantity by the number of firms that choose to produce
b. subtracting the profit-maximizing quantities from the market-equilibrium quantity for the industry
c. dividing the market-equilibrium quantity by the number of firms that choose to produce
d. summing the profit-maximizing quantities of all firms that choose to produce
Supply can be defined as the relationship between the price of a good or service and the quantity supplied. A supply curve can be either for an individual firm or for the market as a whole.
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fromChapter 2 / Lesson 2
Discover the supply curve definition in microeconomics and the examples. Also, learn about shifts in the supply curve and examples of factors causing the shifts.