Sum the quantity delivered by each gas station at each price to obtain a market supply curve from the individual supply curves of the industry's businesses. In the table below, the market supply for each price is shown. The amount supplied on the market increases from 14,000 to 20,000 when the price rises from $3 to $5.
The relationship between the price of an item or service and the volume supplied over a specific time period is represented graphically by the supply curve. The price will typically be shown on the left vertical axis of an example, and the quantity given will be shown on the horizontal axis. Supply curves may frequently predict whether demand will cause a commodity's price to rise or fall, and vice versa. For products whose supply is more elastic, the supply curve is shallower (closer to the horizontal), whereas for those whose supply is less elastic, the curve is steeper (closer to the vertical). The demand and supply curves are the two main tenets of the law of supply and demand.
Learn more about supply curves here
https://brainly.com/question/14925184
#SPJ9
