how are micro economic theories constructed
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Microeconomic theory begins with a single objective analysis and individual utility maximization. ... The microeconomic model of supply and demand. The price of that good is also determined by the point at which supply and demand are equal to each other. assumes that the markets are perfect.
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Microeconomic theory offers a general theory about how people make such decisions. ... This theory describes how the typical consumer, constrained by a limited income, chooses among the many goods and services offered for sale. The second section deals with the choices made by business organizations or firms.
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