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there are four suppliers in the packed meals market. the quantity of packed meals that each one is willing to supply per week at various prices is provided in the accompanying table. what is the change in the market supply for packed meals when the price rises from $6.25 per meal to $6.50 per meal?



Answer :

When the price is increased from $6.25 to $6.50 a meal, the market's supply increases by 152,000.

What is the market supply?

The total quantity of a product that manufacturers are willing and capable of selling over a specific time period, such as one month, at various prices, is known as the market supply. A market supply curve, according to the industry, is the horizontal addition of the supply curves for every single firm.

What role does market supply play?

The relationship between demand and supply is essential because it influences how much most goods and services cost and are available in a given market. According to the principles of a market economy, the interaction between both demand and supply eventually balances out.

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