The table given below represents the supply schedules of the only three DVD producers in the market for DVDs.Table 3.2

-The market supply curve for any product:
A)always depends on the market demand for that product.
B)depends on the general income level of the consumers in the market.
C)is a summation of individual firms' supply curves.
D)equals the total revenue generated through sale of the commodity.
E)is affected by the prices of related products.

Question

The table given below represents the supply schedules of the only three DVD producers in the market for DVDs.Table 3.2
 
-The market supply curve for any product:
A)always depends on the market demand for that product. 
B)depends on the general income level of the consumers in the market. 
C)is a summation of individual firms' supply curves. 
D)equals the total revenue generated through sale of the commodity. 
E)is affected by the prices of related products.

Quizplus · Accepted Answer

The market supply curve for any product is a summation of individual firms' supply curves. In this case, the table represents the individual firms' supply schedules, and the market supply curve can be obtained by adding up the quantities supplied by each firm at each price level. The choices A, B, D, and E are not correct as they do not accurately describe how the market supply curve is determined.

The Table Given Below Represents the Supply Schedules of the Only