What is the part of microeconomic?

Answer 1

Microeconomics is a branch of economics that focuses on the behavior of individual agents, such as consumers and firms, and how they make decisions regarding resource allocation, production, and consumption. It analyzes how these decisions affect supply and demand, pricing, and the distribution of goods and services in the market. Key concepts include elasticity, utility maximization, and market structures like perfect competition and monopolies. Overall, microeconomics helps to understand the mechanisms that drive the economy at a granular level.