There are certain assumptions that suggest concepts and approaches of microeconomic theory. Such assumptions are;

1) Every single person acts logically or sensibly.

2) True information is readily accessible on production, demand, quality as well as other market factors.

3) Products and labor force-efforts are separable.

4) Full employment is still in the sector.

5) Private-party operation is exempt of government interference.

6) It is focused mostly on 'ceteris paribus' principle.