Question

Suppose there are five barbers in the town of Crossroads. If we add the respective quantities of haircuts that each firm would be willing to sell when the price of a haircut is $12 per haircut, $15 per haircut, and $18 per haircut, and so forth, we have found the _______,

Answer 1

Answer:

market supply curve

Explanation:

The market supply curve is an upward sloping curve that demonstrates the positive relationship between price of a good or service and quantity supplied. The market supply curve is derived by summing the quantity suppliers are willing to produce when the product/ service is offered at a range of prices over a defined period of time.  

Answer 2

The market supply curve is the curve that tends to rise sharply, indicating the willingness of manufacturers to sell most of the products they produce in a high-priced market.

What is market supply curve?

The supply curve tends to rise sharply, indicating the willingness of manufacturers to sell most of the products they produce in a high-priced market.

Any change in non-pricing factors may result in a change in the supply curve, while changes in the value of an asset may be tracked by a constant supply break.

Here, with an increase in the price per haircut, the supply curve will keep moving upward to the right consecutively.

Hence, the correct answer is the Market Supply curve.

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