The market supply curve indicates the rev: 05_10_2018 Multiple Choice maximum prices that buyers are willing and able to pay for the product. total amount that buyers will pay in buying a given quantity of the product. minimum acceptable prices that sellers are willing to accept for the product. total revenues that sellers would receive from selling various quantities of the product.

Question

Julian Spears

Business

10 July, 06:54

The market supply curve indicates the rev: 05_10_2018 Multiple Choice maximum prices that buyers are willing and able to pay for the product. total amount that buyers will pay in buying a given quantity of the product. minimum acceptable prices that sellers are willing to accept for the product. total revenues that sellers would receive from selling various quantities of the product.

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Azaria Russell · Answer 1

The market supply curve shows the minimum prices that all the sellers in the market will be willing to accept for the product.

Explanation:

The market supply curve of a product is the summation of individual supply curves. It represents the minimum acceptable prices of the product that all the firms in the market will be willing to accept.

The market supply curve is an upward line representing the law of supply. The law of supply states that other things being constant the supply of a product will be directly related to its price. this means that with an increase in the price level, the output level will increase as well.