what do you mean by micro economics
Answers
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:
Microeconomics is the study of decisions made by people and businesses regarding the allocation of resources and prices of goods and services. ... For example, microeconomics examines how a company could maximize its production and capacity so that it could lower prices and better compete in its industry
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.
The specific concepts being focused on are:
marginal utility and demand.
diminishing returns and supply.
elasticity of demand.
elasticity of supply.
market structures (excluding perfect competition and monopoly)
role of prices and profits in determining resource allocation.