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| 1. |
What is microeconomics |
| Answer» Microeconomics is the study of individuals.<br>Microeconomics is the study of decisions made by people and businesses regarding the allocation of resources and prices of goods and services. The government decides the regulation for taxes. Microeconomics focuses on the supply, that determines the price level of the economy. It uses the bottom-up approach strategy to analyze the economy. In other words, microeconomics tries to understand human choices and resource allocation. Microeconomics does not decide what are the changes taking place in the market, instead, it explains why there are changes happening in the market.the important key factors of microeconomics are :\tDemand, Supply, and Equilibrium\tProduction Theory\tCosts of Production\tLabor Economics | |