General Economic Theory: Microeconomics
- Dr. Bruce Moynihan
- Oct 18, 2024
- 4 min read
Updated: Mar 12
October 18 (Doctors In Business Journal) - Microeconomics is a branch of economics that focuses on the actions of individuals and industries, like the dynamics of supply and demand, and the behavior of consumers and firms. It provides a framework for understanding how economic agents make decisions and how these decisions affect the allocation of resources. This article will explore key concepts in microeconomic theory, including demand and supply, elasticity, consumer behavior, production and costs, and market structures.
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