Asked by Mirriam Mwanza

Define microeconomic
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Answered by GPT 3.5
Microeconomics is a branch of economics that studies the behavior of individual households, firms, and industries. It focuses on the factors influencing individual economic decisions, such as consumption, production, pricing, and resource allocation. Microeconomics examines how individuals and firms make choices based on limited resources, how prices and quantities are determined in specific markets, and how various market structures impact economic outcomes. The aim of microeconomics is to analyze the mechanics of supply and demand and understand how markets function in order to explain and predict individual economic behavior.