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Overview of Microeconomics –
In the extended studies of economics, there is a part or a branch that is called Microeconomics that deals with the individual choices of a person, a firm, an industry or units. The term microeconomics has a Greek prefix MIKRO- that means small economics. It also deals to see whether and how these individual decisions affect the market overall and has an effect on the allocated resources.
This is applied to a market where goods and services are bought and sold. Microeconomics studies the behaviour of all demand and supply that takes place in the market. As there is a discussion on demand and supply, let us take a small tour of what is supply in microeconomics that our team of Supply in Microeconomics Assignment Help has put forth for ease of understanding.
Supply in microeconomics –
It is the total amount of goods and services that a seller is willing to sell in a market. It is the amount of resources that is practically available. As the law of supply goes, as price increases the quantity supply also does increases. And as price decreases, quantity supply decreases too. The factors that affect supply are:
- Input costs.
- Related goods prices.
- Expectations of a seller.
- Number of sellers.
- Productivity.
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