Question

What is micro economic policy for economic student?

Answer 1

Description: Microeconomic study deals with what choices people make, what factors influence their choices and how their decisions affect the goods markets by affecting the price, the supply and demand. Macroeconomics is the branch of economics that studies the behavior and performance of an economy as a whole.

Answer 2

Answer:

Microeconomics studies how individual market participants, like households and firms, make their choices from the alternatives available to them. It also studies how such choices interact in the market to determine prices and resource allocations. A thorough understanding of microeconomics will be useful for any economic course students will take in the future and will provide an invaluable analytical framework for addressing a number of economically relevant questions. Examples of such questions are the following:

• how do firms set wages for their employees?
• How do firms set prices for their products?
• Should the government regulate monopolistic firms?

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