microeconomics

Also known as price theory, microeconomy, microeconomic theory

thumb|right|300px|Microeconomics analyzes the market mechanisms that enable buyers and sellers to establish [[relative prices among goods and services. Shown is a marketplace in Delhi.]]

AI overview

Microeconomics studies how buyers and sellers interact in markets to determine the prices of goods and services. Understanding these market mechanisms matters because they affect the everyday economic choices and transactions people make.

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Commons category: Microeconomics
Stack Exchange tag: economics.stackexchange.com/tags/microeconomics

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~33 min read

Article

28 sections

Contents

Assumptions and definitions
Allocation of scarce resources
History
Microeconomic theory
Consumer demand theory
Production theory
Cost-of-production theory of value
Fixed and variable costs
Opportunity cost
Price theory
Microeconomic models
Supply and demand
Market structure
Perfect competition
Imperfect competition
Monopolistic competition
Monopoly
Oligopoly
Monopsony
Bilateral monopoly
Oligopsony
Game theory
Information economics
Applied
See also
References
Further reading
External links

thumb|right|300px|Microeconomics analyzes the market mechanisms that enable buyers and sellers to establish [[relative prices among goods and services. Shown is a marketplace in Delhi.]]

Microeconomics is a branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms. Microeconomics focuses on the study of individual markets, sectors, or industries as opposed to the economy as a whole, which is studied in macroeconomics.