Market Supply:

Market supply refers to the total quantity of a specific good or service that all producers are willing and able to supply in a given market at various price levels. It is determined by aggregating the individual supplies of all sellers in the market. Market supply is influenced by several factors such as production costs, technology, prices of inputs, government regulations, and the number of sellers in the market.

Individual Supply:

Individual supply refers to the quantity of a specific good or service that an individual producer is willing and able to supply in the market at various price levels. It represents the supply behavior of a single seller or producer. Individual supply is influenced by factors such as the cost of production, price expectations, personal preferences, and the availability of resources.

Differences:

1. Scope: The main difference between market supply and individual supply lies in the scope. Market supply represents the collective behavior of all producers in the market, whereas individual supply focuses on the supply behavior of a single producer.

2. Aggregation: Market supply is obtained by adding up the individual supplies of all sellers in the market. It considers the quantity supplied by each producer at different price levels. On the other hand, individual supply considers the quantity supplied by a single producer at various price levels.

3. Factors: Both market supply and individual supply are influenced by various factors, but the specific determinants may differ. Market supply is affected by factors that impact the entire industry or market, such as changes in input prices or government regulations. Individual supply, on the other hand, is influenced by factors that are specific to a particular producer, such as their production costs or personal preferences.

4. Representation: Market supply is usually represented by a market supply curve, which shows the relationship between the quantity supplied and the price of the good or service in the market. Individual supply is represented by an individual supply curve, which depicts the relationship between the quantity supplied by a single producer and the price.

5. Impact: Changes in market supply result from changes in the individual supplies of all producers in the market. If one or more producers enter or exit the market, or if there are changes in the production costs or technology, the market supply will be affected. Changes in individual supply, on the other hand, only impact the quantity supplied by a single producer, and may not have a significant effect on the overall market supply unless it is a major player in the market.

In summary, market supply represents the total quantity supplied by all producers in a market, while individual supply focuses on the supply behavior of a single producer. Both are influenced by various factors, but market supply considers the collective behavior of all sellers, while individual supply focuses on the behavior of a single seller.