Microeconomic theory

Microeconomic theory is about economics at the micro level. Microeconomic theory concerns the study of individual markets, companies, people, income distribution and more.

Microeconomic theory is used to understand pricing in different markets. Microeconomic theory is a more in-depth study of economics as compared to macro theory. Microeconomic theory explains how competition works in different markets, market failures of a market economy and why countries should trade with each other.