2. Microeconomics

Sections

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1. 1

   What Is Microeconomics?

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   Microeconomics is the study of the choices made by individuals and firms in...

2. 1.1

   Individual Decision-Making

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   This section explores how individuals make decisions to satisfy their needs...

3. 1.2

   Firm Behavior

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   This section examines how firms make decisions regarding production and...

4. 1.3

   Market Interactions

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   Market interactions encompass the behaviors and relationships among...

5. 2

   Basic Economic Problem: Scarcity And Choice

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   This section explores the fundamental economic problem of scarcity and the...

6. 2.1

   Opportunity Cost

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   Opportunity cost refers to the next best alternative that is forgone when...

7. 3

   Demand

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   Demand refers to the quantity of a good or service consumers are willing and...

8. 3.1

   Definition

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   Microeconomics examines the economic behaviors of individuals and firms,...

9. 3.2

   Law Of Demand

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   The Law of Demand illustrates the inverse relationship between price and the...

10. 3.3

    Factors Affecting Demand

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    This section discusses the various factors that influence consumer demand...

11. 3.4

    Demand Curve

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    The demand curve illustrates the relationship between the price of a good...

12. 4

    Supply

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    This section explores the concept of supply in microeconomics, detailing how...

13. 4.1

    Definition

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    Microeconomics studies individual and firm decision-making regarding...

14. 4.2

    Law Of Supply

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    The Law of Supply states that as the price of a good increases, the quantity...

15. 4.3

    Factors Affecting Supply

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    This section examines the various factors influencing the supply of goods...

16. 4.4

    Supply Curve

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    The supply curve graphically represents the relationship between the price...

17. 5

    Market Equilibrium

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    Market equilibrium occurs when the quantity demanded equals the quantity...

18. 5.1

    Equilibrium Price And Quantity

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    This section outlines the concepts of equilibrium price and quantity in a...

19. 5.2

    Disequilibrium

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    This section discusses disequilibrium in markets, focusing on conditions...

20. 6

    Elasticity Of Demand And Supply

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    This section explores the concepts of elasticity of demand and supply,...

21. 6.1

    Price Elasticity Of Demand (Ped)

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    Price Elasticity of Demand (PED) measures how the quantity demanded of a...

22. 6.2

    Price Elasticity Of Supply (Pes)

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    Price Elasticity of Supply (PES) measures how responsive the quantity...

23. 7

    Market Structures

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    Market structures categorize industries based on competition levels,...

24. 7.1

    Perfect Competition

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    Perfect competition is a market structure characterized by many buyers and...

25. 7.2

    Monopoly

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    Monopoly is a market structure characterized by a single seller dominating...

26. 7.3

    Monopolistic Competition

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    Monopolistic competition is characterized by many sellers in a market with...

27. 7.4

    Oligopoly

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    Oligopoly is a market structure characterized by a few large firms that...

28. 8

    Role Of The Government In Microeconomics

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    This section explores the critical ways in which government actions impact...

29. 9

    Externalities

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    Externalities are the unintended side effects of consumers' or producers'...

30. 9.1

    Positive Externalities

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    Positive externalities are benefits that accrue to third parties as a result...

31. 9.2

    Negative Externalities

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    Negative externalities occur when the actions of consumers or producers...

32. 10

    Consumer And Producer Surplus

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    Consumer and producer surplus are key concepts in microeconomics that...

33. 10.1

    Consumer Surplus

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    Consumer surplus measures the benefit consumers receive when they pay less...

34. 10.2

    Producer Surplus

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    Producer surplus is the difference between the price received by producers...