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Microeconomics is the study of the economic behaviour of individual
consumers, firms, and industries and the distribution of total production
and income among them. It considers individuals both as suppliers of labour
and capital and as the ultimate consumers of the final product. On the other
hand, it analyzes firms both as suppliers of products and as consumers of
labour and capital.
Microeconomics seeks to analyze the market form or other type of mechanism
that establishes relative prices among goods and services and allocates
society's resources among their many alternative uses.
Concepts in microeconomics
* Scarcity - Opportunity cost - Free goods
* Consumer Theory - Preference - Indifference curve - Utility - Marginal
utility - Income
* Aggregation of individual demand to total, or market, demand
* Supply and demand - Elasticity - Consumer and producer surplus
* Market form - Perfect competition - Monopoly - Monopolistic competition
* Production, costs, and pricing - Economies of scale - Economies of
scope - Profit maximization - Factors of production - Price
discrimination - Transfer pricing - joint product pricing - price
* Pareto efficiency - Kaldor-Hicks efficiency - X-efficiency
* Concentration ratio - Herfindahl index
* Market failure - Externality
* General equilibrium
* Game theory