What are microeconomic topics?

Answer 1

Microeconomic topics focus on the behavior of individual consumers and firms, analyzing how they make decisions regarding resource allocation, pricing, and production. Key areas include supply and demand, market structures (like perfect competition and monopoly), consumer behavior, labor markets, and the impact of government policies on specific industries. Additionally, microeconomics examines externalities, public goods, and the role of information asymmetry in markets. Overall, it provides insights into how economic agents interact and the outcomes of those interactions.