Last Updated on1 min read
What is Supply Curve?
In a graph, the price of a product is represented on Y-axis and quantity supplied is represented on X-axis.
Table of Contents
Read: Law of Supply
Types of Supply Curve
In, economics, Supply curve can be of two types, individual supply curve and market supply curve. These two types of supply curves are explained as follows:
Individual supply curve
Individual supply curve definition: It is the graphical representation of individual supply schedule.
The individual supply schedule of commodity A represented in Table when plotted on a graph will provide the individual supply curve, which is shown in Figure.
The slope moving upwards to the right in individual supply curve shows the direct relationship between supply and price, i.e. increase in supply along with the rise in prices.
Market Supply curve
Market Supply curve definition: It is the graphical representation of market supply schedule.
The market supply schedule of commodity A (supplied by Firm X and Firm Y) represented in Table, when plotted on the graph will provide the market supply curve, which is shown in Figure.
Go On, Share article with Friends
Geektonight team is putting a well-researched article. Geektonight is a vision to provide free and easy education to anyone on the Internet who wants to learn and grow in their career. We are working towards bringing the entire study routine of students on the Internet.
Want’s to contribute with us. Message Now