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Five examples of microeconomic issues include:

  1. Price Elasticity of Demand: Understanding how changes in price affect the quantity demanded of a good or service.
  2. Consumer Behavior: Analyzing how consumers make decisions based on preferences, income, and prices.
  3. Market Structures: Examining different types of market configurations, such as perfect competition, monopoly, or oligopoly, and their impacts on pricing and output.
  4. Labor Markets: Investigating wage determination, employment levels, and the impact of minimum wage laws on small businesses.
  5. Externalities: Assessing how a company's production activities can affect third parties, such as pollution affecting nearby communities.
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