Question #273419
What are the individual Supply and Market Supply? schedule and the demand curve, and how are they related? Why does the demand curve slope downward?
Expert's answer
a.
Individual supply refers to the amount supplied by a single seller, whereas market supply refers to the total amount supplied by all market sellers.
b.
A demand schedule is a table that displays the quantity demanded in the market at various prices. On a graph, a demand curve depicts the relationship between quantity requested and price in a specific market.
c.
According to the law of demand, a commodity's price and demand have an inverse proportional relationship. When the price of a commodity rises, so does the demand for it. Similarly, when the price of a commodity falls, so does demand. As a result, the demand curve slopes downward from left to right.
