is the basis of Micro Economics.
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Basic Concepts of Microeconomics
Production theory: This is the study of production—or the process of converting inputs into outputs. ... Price theory: Utility and production theory interact to produce the theory of supply and demand, which determine prices in a competitive market.
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Answer:
Basic Concepts of Microeconomics
Production theory: This is the study of production—or the process of converting inputs into outputs. ... Price theory: Utility and production theory interact to produce the theory of supply and demand, which determine prices in a competitive market.
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