Answer to Question #273419 in Microeconomics for uzair

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?


1
Expert's answer
2021-12-01T10:18:06-0500

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.


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