Total market supply can be derived by
A) horizontally summing individual supply curves at each and every price level.
B) vertically summing individual supply curves at the current technology level.
C) adding up the largest quantity demanded at various prices.
D) looking at the changes in the price of raw materials needed to produce the product.

Question

Quizplus · Accepted Answer

Total market supply can be derived by horizontally summing individual supply curves at each and every price level, as each seller will be willing to supply a different quantity at different prices. Therefore, to find the total quantity supplied by all sellers in the market, we need to add up the quantities supplied by each seller at each price level.

Total Market Supply Can Be Derived by