How is microeconomics used by firms, in reality?

Economics Dec 10, 2020

Expert Solution

The study of microeconomics combines the behavior of individual units and parts of the economy. We can include here the concept of an individual's demand, individual's supply, forms of market, and other such elements which are important for the firms and businesses to produce products and services.

The most important microeconomic factor for firms is the relationship between the market forces ( demand and supply), allocation of scarce resources, and the price level of products.

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