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What is involved in microeconomics


Microeconomics studies the decisions of individuals and firms to allocate resources of production, exchange, and consumption. Microeconomics deals with prices and production in single markets and the interaction between different markets but leaves the study of economy-wide aggregates to macroeconomics.

What are the 3 main concepts of microeconomics?

Common microeconomics topics are supply and demand, elasticity, opportunity cost, market equilibrium, forms of competition, and profit maximization.

What are the 4 components of microeconomics?

Catalog Description: Economic systems; supply, demand, and the role of the market; consumer behavior and utility; firm behavior, cost, and profit; competitive and monopolistic products for markets and inputs; government regulation of markets.




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  1. what is included in microeconomics
  2. what is not included in microeconomics
  3. what does microeconomics include
  4. what does microeconomics deals with
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