Microeconomics

Detalii

Categorie: Microeconomics

Ultima actualizare: 01 Noiembrie 2019

Accesări: 4358

• Economic equilibrium
• Supply
• Demand
• Equilibrium

We begin our study of microeconomics by looking at a market with many buyers and sellers, i.e. a market where there is a large amount of competition. We will study such a market in more depth in Perfect Competition, as well as other market types, but starting here makes it easy to get a feel for how the subject works.

Demand

The Demand Curve

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Detalii

Categorie: Microeconomics

Ultima actualizare: 26 Septembrie 2019

Accesări: 6478

Perfect Competition

So far, we have discussed how the consumers make their decisions, and what the producers’ production possibilities and cost of production look like. The consumers often take prices as given and choose quantities based on the prices. The question is how prices arise. One factor is, of course, the cost of production.

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