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The meaning of the term "microeconomic theory" can be inferred from the words themselves. Microeconomicsor price theory, as it is sometimes calledinvolves, at a minimum, the study of the behavior of individuals, households, firms, and the markets in which they operate. It is microeconomic as opposed to macroeconomic analysis; the latter involves the study of such economywide phenomena as inflation and unemployment. Microeconomic theory employs models which purport to explain and predict the behavior of consumers and producers.
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