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Microeconomics, definition - "The study of the individual units of the economy—individuals, households, firms, and industries. Microeconomics focuses on economic variables such as the prices and outputs of specific firms and industries, the expenditures of consumers or households, wage rates, competition, and markets. Questions that can be addressed by microeconomics include: What determines the price and output of individual goods and services? What are the factors that determine supply and demand of a particular good? How do government policies such as price controls, subsidies, and excise taxes affect the price and output levels of individual markets?"
microeconomics. (1995). In Dictionary of Economics, Wiley. Retrieved from https://nnu.idm.oclc.org/login?url=https://search.credoreference.com/content/entry/wileyecon/microeconomics/0?institutionId=4721