What is Micro Economics? What is its importance?
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Importance of microeconomics
Microeconomics explains the working of a capitalist economy where individual units are free to take their own decision. It describes how, in a free enterprise economy, individual units attain equilibrium position. It also helps the government in formulating correct price policies.
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Microeconomics analyzes the market mechanisms that enable buyers and sellers to establish relative prices among goods and services.
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