microeconomics
Sign in to savethumb|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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Article
28 sectionsContents
- 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.