In accordance with the law of supply, both individual and market supply curves are drawn:

Question

Quizplus · Accepted Answer

The law of supply states that as the price of a good increases, the quantity supplied by producers will also increase. This means that the individual supply curve for a producer will be upward-sloping, indicating that as the price increases, the quantity of the good supplied by the producer also increases. Similarly, the market supply curve, which is the aggregate of all individual supply curves in the market, will also be upward-sloping. Thus, the best choice is D.

In Accordance with the Law of Supply, Both Individual and Market