Explain any four features of microeconomics?

Question: Explain any four features of microeconomics?

Microeconomics is the branch of economics that studies individual economic behavior and decision-making. Four key features of microeconomics include supply and demand analysis, market equilibrium, consumer behavior, and production theory. Supply and demand analysis examines how the quantity of a product supplied by producers and the quantity demanded by consumers interact to determine market prices. Market equilibrium refers to the point at which the quantity supplied equals the quantity demanded, resulting in a stable market price. Consumer behavior explores how consumers make choices about what goods and services to purchase based on their preferences, income, and other factors. Production theory investigates how businesses decide how much to produce based on their costs and the market demand for their products.

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