What is Microeconomics?
Microeconomics deals with the behavior of individual economic units and individual economic variables. It is not concerned with economic aggregate but studies the economic system in parts.
According to K.E Boulding.
” It is the study of a particular firm, a particular household, individual price, wage, income, industry, and particular commodity”.
Features or characteristics:
Following are the features
1. Limited Scope.
2. Analysis of market structure.
3. Based on certain assumptions.
4. Use of marginalism principle.
5. Study of individual units.
6. Slicing methods.
7. Partial equilibrium analysis
8. Price theory.
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