10 Interesting Fact About Microeconomics

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• Microeconomics is the study of consumer behavior and producers at the individual or company level.
• The law of demand states that the higher the price of an item, the less goods requested by consumers.
• The law of supply states that the higher the price of an item, the more items offered by the producer.
• The demand curve shows the relationship between the price of an item and the amount requested by the consumer.
• The supply curve shows the relationship between the price of an item and the amount offered by the producer.
• Market balance point is the point where the number of goods requested and offered is the same.
• Opportunity costs are costs that must be incurred to get the best alternative to the available choices.
• Allocation Efficiency is a condition in which resources are optimally allocated to maximize customer satisfaction and producer benefits.
• Monopoly is a market where there is only one producer that controls the price and amount of goods offered.
• Oligopoly is a market where there are only a few producers who control the price and amount of goods offered.