MARKET SUPPLY – the total quantity of a good or service that all producers are willing and able

to supply at different prices during a defined period of time. It is also the summation of the
individual supply curves within a specific market
(https://www.tutor2u.net/economics/topics/market-supply)
THE LAW OF SUPPLY – It states that an increase in price will result in an increase in the quantity
supplied.
SUPPLY CURVE (https://courses.lumenlearning.com/boundless-economics/chapter/supply/
#:~:text=is%20upward%20sloping.-,Market%20supply%20is%20the%20summation%20of
%20the%20individual%20supply%20curves,between%20price%20and%20quantity
%20supplied.)

(https://www.investopedia.com/articles/economics/11/intro-supply-demand.asp)

An upward sloping curve, which is also the standard depiction of the supply curve is the
graphical representation of of the supplier’s positive correlation between the price and quantity
of a good or service. As the price of a good or service increases, the quantity that the suppliers
are willing to produce increases and this relationship is captured as the movement along the
supply curve to a higher price and quantity combination.
MARKET SUPPLY CURVE - derived by summing the quantity suppliers are willing to produce
when the product can be sold for a given price.

EXAMPLE (https://saylordotorg.github.io/text_economics-theory-through-applications/s12-
01-market-supply-and-market-deman.html)
A firm supplies seven chocolate bars at $3 and eight chocolate bars at $5. From this we can
deduce that the marginal cost of producing the seventh chocolate bar is $3. Similarly, the
marginal cost of producing the eighth chocolate bar is $5.

The market supply curve tells us the total amount supplied at each price. It is obtained
analogously to the market demand curve: at each price, we add together the quantity supplied
by each firm to obtain the total quantity supplied at that price. If we perform this calculation for
every price, then we get the market supply curve.
At $3, firm 1 produces 7 bars, and firm 2 produces 3 bars. Thus the total supply at this price is
10 chocolate bars. At $5, firm 1 produces 8 bars, and firm 2 produces 5 bars. Thus the total
supply at this price is 13 chocolate bars.

SUPPLY SCHEDULE (https://www.economicsdiscussion.net/law-of-supply/law-of-supply-

schedule-curve-function-assumptions-and-exception/3367)
- It shows a tabular representation of law of supply. It presents the different quantities of
a product that a seller is willing to sell at different price levels of that product.