Microeconomics is a branch of
economics that studies how the individual parts of the economy, the household and the firms, make decisions to allocate limited resources,
[1] typically in markets where goods or services are being bought and sold. Microeconomics examines how these decisions and behaviours affect the
supply and demand for goods and services, which determines prices, and how prices, in turn, determine the quantity supplied and quantity demanded of goods and services.
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