Question

Answer the following in details.
Explain the meaning of Micro Economics with the help of few important definitions.

Answer 1

Microeconomics is the study of individuals, households and firms' behavior in decision making and allocation of resources. It generally applies to markets of goods and services and deals with individual and economic issues. Microeconomics is the study of decisions made by people and businesses regarding the allocation of resources and prices of goods and services. ... For example, microeconomics examines how a company could maximize its production and capacity so that it could lower prices and better compete in its industry.