Examples of microeconomics studies

1) Demand:- There are various factors that influence the demand such as taste and preference, income, price, price of a related good, etc.

2) Supply:- There are various factors that influence the supply such as technology, cost of production, natural condition, etc.

3) Prices:- The price is determined by the intersection of demand and supply of a product such that the equilibrium price is achieved where both demand and supply of a product are equals.

4) Consumer behavior:- The consumer maximizes the utility by consuming goods and services.

5) Firm behavior:- It shows how consumer maximizes their profit in different markets such as competitive and monopolistic competition market.

6) Market equilibrium:- The resources are used efficiently which means that the profit is maximizing and consumers utility is maximum.

7) Market failure:- In the market failure, the resources are not used efficiently because of interfering factors such as pollution.

8) The choice to consumers:- A consumer spends his income to purchase the goods and services.

9) The choice to producers:- A produce choose the different inputs such as labor, capital which are used in the production process to produce the goods and services.

10) Opportunity cost:- It is the next best alternative foregone cost such that some units of one good is sacrificed to get the additional unit of other good such that the marginal rate of substitution is negative.