Question

explain the basic concepts of micro economics ​

Answer 1

Answer:

Microeconomics is the study of individuals, households and firms' behavior in decision making and allocation of resources. It generally applies to markets of goods and services and deals with individual and economic issues.

Answer 2

❇️ ANSWER :-

• 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.

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