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Micro economics


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Micro economics

  1. 1. Micro Economics
  2. 2. • It analyzes the market behavior of individual consumers and firms
  3. 3. • The graph depicts a right-shift in demand from D1 to D2 along with the consequent increase in price and quantity required to reach a new market-clearing equilibrium point on the supply curve (S).
  4. 4. • The theory of supply and demand usually assumes that markets are perfectly competitive • This implies that there are many buyers and sellers in the market and none of them have the capacity to significantly influence prices of goods and services
  5. 5. • Opportunity cost of an activity (or goods) is equal to the best next alternative uses/foregone • It is hard to quantify • Opportunity cost is one way to measure the cost of something
  6. 6. • Money is a good that acts as a medium of exchange in transactions • So money isn't just pieces of paper.
  7. 7. Market structure • Monopolistic competition • Oligopoly • Duopoly • Monopoly • Perfect competition
  8. 8. SOURCES : Wikipedia And other web-sites found at Google.Com