Market Supply versus Individual Supply
What is the basic difference between Market Supply and Individual Supply?
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A) Market supply curve can be established by summing individual supply curves.
B) Individual supply curves are summed up horizontally at each and every price.
C) Market supply curve exhibits how total quantity supplied differs as the price of good differs.
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Substitutes: The two goods for which a rise in the price of one good leads to a rise in the demand for another.
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Bank rate: This is the rate at which the central bank loans money to commercial bank.
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