It is a false statement that the market supply for natural gas is the sum of all prices that natural gas producers are willing and able to sell at for every quantity.
It refers to the basic economic concept that describes the total amount of a specific good or service that is available to consumers.
In economics, the law of supply states that as the price of a good rise, the quantity supplied also rise and as the price of a good go down or fall, the quantity supplied also go down or fall. Hence, It is a false statement that the market supply for natural gas is the sum of all prices that natural gas producers are willing and able to sell at for every quantity because a demand is described.
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The market supply for natural gas is the sum of all prices that natural gas producers are willing and able to sell at for every quantity. This statement is false.
The market supply for natural gas is the sum of all quantities that natural gas producers are willing and able to sell at for every quantity. The market supply for a good is determined by adding all the quantity supplied of each supplier together.
It is expected that there is a positive relationship between price and the market supply. This means that as price increases, the market supply increases and when price decreases, the market supply decreases. Based on this relationship between price and market supply, the market supply curve would be upward sloping all things remaining equal.
