- Individual supply: the amount of a good or service that one producer is prepared and able to sell at various price levels. This decision is shaped by the producer’s objectives, production costs, and anticipated future conditions.
- Market supply: the overall quantity of a good or service that all producers in the market are prepared and able to offer for sale at different price levels. Derived by summing individual supplies, it responds to the current price and wider market influences. The market supply curve depicts the connection between the good’s price and the total quantity supplied by the entire market.
