Glossary Category: Price System and Microeconomy - Page 2 - 3auk

individual and market supply

Individual supply: the amount of a good or service that one producer is prepared and able to sell

Effective demand refers to the quantity of a good or service that consumers are willing and able to

Individual demand: the quantity of a good or service that a single consumer is prepared and able to

Price elasticity of demand (PED) measures the responsiveness of the quantity demanded for a good or service to

Income elasticity of demand (YED) measures the sensitivity of the quantity demanded for a good or service to

Cross elasticity of demand (XED) measures the responsiveness of the quantity demanded for one good or service to