Microeconomics - Wikipedia

Microeconomics is a branch of mainstream economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce ... Microeconomics FromWikipedia,thefreeencyclopedia Jumptonavigation Jumptosearch Behaviorofindividualsandfirms Furtherinformation:Historyofmicroeconomics PartofaseriesonEconomics History Outline Index Branchesandclassifications Schoolsofeconomics Mainstreameconomics Heterodoxeconomics Economicmethodology Economictheory Politicaleconomy Microeconomics Macroeconomics Internationaleconomics Appliedeconomics Mathematicaleconomics Econometrics JELclassificationcodes Concepts,theoryandtechniques Economicsystems Economicgrowth Market Nationalaccounting Experimentaleconomics Computationaleconomics Gametheory Operationsresearch Middleincometrap Industrialcomplex Byapplication Agricultural Behavioral Business Cultural Demographic Development Digitization Ecological Economicgeography Economichistory Economicplanning Economicpolicy Economicsociology Economicstatistics Education Engineering Environmental Evolutionary Expeditionary Feminist Financial Happinesseconomics Health Humanisticeconomics Industrialorganization Information Institutional Knowledge Labour Law Managerial Monetary Naturalresource Organizational Personnel Publiceconomics Public /Socialchoice Regional Rural Service Socioeconomics Solidarityeconomy Urban Welfare Welfareeconomics Notableeconomists FrançoisQuesnay AdamSmith DavidRicardo ThomasRobertMalthus JohnStuartMill WilliamStanleyJevons LéonWalras AlfredMarshall IrvingFisher JohnMaynardKeynes ArthurCecilPigou JohnHicks WassilyLeontief PaulSamuelson more Critiqueofeconomy Critiqueofpoliticaleconomy Assumeacanopener Notablecriticsofeconomy KarlMarx JohnRuskin JeanBaudrillard more Lists Glossary Economists Publications (journals)  BusinessandEconomicsportal  Moneyportalvte Microeconomicsanalyzesthemarketmechanismsthatenablebuyersandsellerstoestablishrelativepricesamonggoodsandservices.ShownisamarketplaceinDelhi. Microeconomicsisabranchofmainstreameconomicsthatstudiesthebehaviorofindividualsandfirmsinmakingdecisionsregardingtheallocationofscarceresourcesandtheinteractionsamongtheseindividualsandfirms.[1][2][3]Microeconomicsfocusesonthestudyofindividualmarkets,sectors,orindustriesasopposedtothenationaleconomyaswhole,whichisstudiedinmacroeconomics. Onegoalofmicroeconomicsistoanalyzethemarketmechanismsthatestablishrelativepricesamonggoodsandservicesandallocatelimitedresourcesamongalternativeuses.Microeconomicsshowsconditionsunderwhichfreemarketsleadtodesirableallocations.Italsoanalyzesmarketfailure,wheremarketsfailtoproduceefficientresults. Whilemicroeconomicsfocusesonfirmsandindividuals,macroeconomicsfocusesonthesumtotalofeconomicactivity,dealingwiththeissuesofgrowth,inflation,andunemploymentandwithnationalpoliciesrelatingtotheseissues.[2]Microeconomicsalsodealswiththeeffectsofeconomicpolicies(suchaschangingtaxationlevels)onmicroeconomicbehaviorandthusontheaforementionedaspectsoftheeconomy.[4]ParticularlyinthewakeoftheLucascritique,muchofmodernmacroeconomictheorieshasbeenbuiltuponmicrofoundations—i.e.baseduponbasicassumptionsaboutmicro-levelbehavior. Contents 1Assumptionsanddefinitions 2History 3Microeconomictheory 3.1Consumerdemandtheory 3.2Productiontheory 3.3Cost-of-productiontheoryofvalue 3.4Opportunitycost 3.5PriceTheory 4Microeconomicmodels 4.1Supplyanddemand 5Marketstructure 5.1Perfectcompetition 5.2Imperfectcompetition 5.3Monopolisticcompetition 5.4Monopoly 5.5Oligopoly 5.6Monopsony 5.7Bilateralmonopoly 5.8Oligopsony 6Gametheory 7Economicsofinformation 8Applied 9Seealso 10References 11Furtherreading 12Externallinks Assumptionsanddefinitions[edit] ThewordmicroeconomicsderivesfromtheGreekwordsμικρό(small,minor)andοικονομία(economy).Microeconomicstudyhistoricallyhasbeenperformedaccordingtogeneralequilibriumtheory,developedbyLéonWalrasinElementsofPureEconomics(1874)andpartialequilibriumtheory,introducedbyAlfredMarshallinPrinciplesofEconomics(1890). Microeconomictheorytypicallybeginswiththestudyofasinglerationalandutilitymaximizingindividual.Toeconomists,rationalitymeansanindividualpossessesstablepreferencesthatarebothcompleteandtransitive. Thetechnicalassumptionthatpreferencerelationsarecontinuousisneededtoensuretheexistenceofautilityfunction.Althoughmicroeconomictheorycancontinuewithoutthisassumption,itwouldmakecomparativestaticsimpossiblesincethereisnoguaranteethattheresultingutilityfunctionwouldbedifferentiable. Microeconomictheoryprogressesbydefiningacompetitivebudgetsetwhichisasubsetoftheconsumptionset.Itisatthispointthateconomistsmakethetechnicalassumptionthatpreferencesarelocallynon-satiated.WithouttheassumptionofLNS(localnon-satiation)thereisno100%guaranteebuttherewouldbearationalrise inindividualutility.Withthenecessarytoolsandassumptionsinplacetheutilitymaximizationproblem(UMP)isdeveloped. Theutilitymaximizationproblemistheheartofconsumertheory.Theutilitymaximizationproblemattemptstoexplaintheactionaxiombyimposingrationalityaxiomsonconsumerpreferencesandthenmathematicallymodelingandanalyzingtheconsequences.Theutilitymaximizationproblemservesnotonlyasthemathematicalfoundationofconsumertheorybutasametaphysicalexplanationofitaswell.Thatis,theutilitymaximizationproblemisusedbyeconomiststonotonlyexplainwhatorhowindividualsmakechoicesbutwhyindividualsmakechoicesaswell. Theutilitymaximizationproblemisaconstrainedoptimizationprobleminwhichanindividualseekstomaximizeutilitysubjecttoabudgetconstraint.Economistsusetheextremevaluetheoremtoguaranteethatasolutiontotheutilitymaximizationproblemexists.Thatis,sincethebudgetconstraintisbothboundedandclosed,asolutiontotheutilitymaximizationproblemexists.EconomistscallthesolutiontotheutilitymaximizationproblemaWalrasiandemandfunctionorcorrespondence. Theutilitymaximizationproblemhassofarbeendevelopedbytakingconsumertastes(i.e.consumerutility)astheprimitive.However,analternativewaytodevelopmicroeconomictheoryisbytakingconsumerchoiceastheprimitive.Thismodelofmicroeconomictheoryisreferredtoasrevealedpreferencetheory. Thesupplyanddemandmodeldescribeshowpricesvaryasaresultofabalancebetweenproductavailabilityateachprice(supply)andthedesiresofthosewithpurchasingpowerateachprice(demand).Thegraphdepictsaright-shiftindemandfromD1toD2alongwiththeconsequentincreaseinpriceandquantityrequiredtoreachanewmarket-clearingequilibriumpointonthesupplycurve(S). Thetheoryofsupplyanddemandusuallyassumesthatmarketsareperfectlycompetitive.Thisimpliesthattherearemanybuyersandsellersinthemarketandnoneofthemhavethecapacitytosignificantlyinfluencepricesofgoodsandservices.Inmanyreal-lifetransactions,theassumptionfailsbecausesomeindividualbuyersorsellershavetheabilitytoinfluenceprices.Quiteoften,asophisticatedanalysisisrequiredtounderstandthedemand-supplyequationofagoodmodel.However,thetheoryworkswellinsituationsmeetingtheseassumptions. Mainstreameconomicsdoesnotassumeapriorithatmarketsarepreferabletootherformsofsocialorganization.Infact,muchanalysisisdevotedtocaseswheremarketfailuresleadtoresourceallocationthatissuboptimalandcreatesdeadweightloss.Aclassicexampleofsuboptimalresourceallocationisthatofapublicgood.Insuchcases,economistsmayattempttofindpoliciesthatavoidwaste,eitherdirectlybygovernmentcontrol,indirectlybyregulationthatinducesmarketparticipantstoactinamannerconsistentwithoptimalwelfare,orbycreating"missingmarkets"toenableefficienttradingwherenonehadpreviouslyexisted. Thisisstudiedinthefieldofcollectiveactionandpublicchoicetheory."Optimalwelfare"usuallytakesonaParetiannorm,whichisamathematicalapplicationoftheKaldor–Hicksmethod.ThiscandivergefromtheUtilitariangoalofmaximizingutilitybecauseitdoesnotconsiderthedistributionofgoodsbetweenpeople.Marketfailureinpositiveeconomics(microeconomics)islimitedinimplicationswithoutmixingthebeliefoftheeconomistandtheirtheory. Thedemandforvariouscommoditiesbyindividualsisgenerallythoughtofastheoutcomeofautility-maximizingprocess,witheachindividualtryingtomaximizetheirownutilityunderabudgetconstraintandagivenconsumptionset. History[edit] Mainarticle:Historyofmicroeconomics Economistscommonlyconsiderthemselvesmicroeconomistsormacroeconomists.Thedifferencebetweenmicroeconomicsandmacroeconomicslikelywasintroducedin1933bytheNorwegianeconomistRagnarFrisch,theco-recipientofthefirstNobelMemorialPrizeinEconomicSciencesin1969.[5][6]However,Frischdidnotactuallyusetheword"microeconomics",insteaddrawingdistinctionsbetween"micro-dynamic"and"macro-dynamic"analysisinawaysimilartohowthewords"microeconomics"and"macroeconomics"areusedtoday.[5][7]Thefirstknownuseoftheterm"microeconomics"inapublishedarticlewasfromPieterdeWolffin1941,whobroadenedtheterm"micro-dynamics"into"microeconomics".[6][8] Microeconomictheory[edit] Consumerdemandtheory[edit] Mainarticle:Consumerchoice Consumerdemandtheoryrelatespreferencesfortheconsumptionofbothgoodsandservicestotheconsumptionexpenditures;ultimately,thisrelationshipbetweenpreferencesandconsumptionexpendituresisusedtorelatepreferencestoconsumerdemandcurves.Thelinkbetweenpersonalpreferences,consumptionandthedemandcurveisoneofthemostcloselystudiedrelationsineconomics.Itisawayofanalyzinghowconsumersmayachieveequilibriumbetweenpreferencesandexpendituresbymaximizingutilitysubjecttoconsumerbudgetconstraints. Productiontheory[edit] Mainarticle:Productiontheory Productiontheoryisthestudyofproduction,ortheeconomicprocessofconvertinginputsintooutputs.[9]Productionusesresourcestocreateagoodorservicethatissuitableforuse,gift-givinginagifteconomy,orexchangeinamarketeconomy.Thiscanincludemanufacturing,storing,shipping,andpackaging.Someeconomistsdefineproductionbroadlyasalleconomicactivityotherthanconsumption.Theyseeeverycommercialactivityotherthanthefinalpurchaseassomeformofproduction. Cost-of-productiontheoryofvalue[edit] Mainarticle:Cost-of-productiontheoryofvalue Thecost-of-productiontheoryofvaluestatesthatthepriceofanobjectorconditionisdeterminedbythesumofthecostoftheresourcesthatwentintomakingit.Thecostcancompriseanyofthefactorsofproduction(includinglabor,capital,orland)andtaxation.Technologycanbeviewedeitherasaformoffixedcapital(e.g.anindustrialplant)orcirculatingcapital(e.g.intermediategoods). Inthemathematicalmodelforthecostofproduction,theshort-runtotalcostisequaltofixedcostplustotalvariablecost.Thefixedcostreferstothecostthatisincurredregardlessofhowmuchthefirmproduces.Thevariablecostisafunctionofthequantityofanobjectbeingproduced.Thecostfunctioncanbeusedtocharacterizeproductionthroughthedualitytheoryineconomics,developedmainlybyRonaldShephard(1953,1970)andotherscholars(Sickles&Zelenyuk,2019,ch.2). Opportunitycost[edit] Mainarticle:Opportunitycost Opportunitycostiscloselyrelatedtotheideaoftimeconstraints.Onecandoonlyonethingatatime,whichmeansthat,inevitably,oneisalwaysgivingupotherthings.Theopportunitycostofanyactivityisthevalueofthenext-bestalternativethingonemayhavedoneinstead.Opportunitycostdependsonlyonthevalueofthenext-bestalternative.Itdoesn'tmatterwhetheronehasfivealternativesor5,000. Opportunitycostscantellwhennottodosomethingaswellaswhentodosomething.Forexample,onemaylikewaffles,butlikechocolateevenmore.Ifsomeoneoffersonlywaffles,onewouldtakeit.Butifofferedwafflesorchocolate,onewouldtakethechocolate.Theopportunitycostofeatingwafflesissacrificingthechancetoeatchocolate.Becausethecostofnoteatingthechocolateishigherthanthebenefitsofeatingthewaffles,itmakesnosensetochoosewaffles.Ofcourse,ifonechooseschocolate,theyarestillfacedwiththeopportunitycostofgivinguphavingwaffles.Butoneiswillingtodothatbecausethewaffle'sopportunitycostislowerthanthebenefitsofthechocolate.Opportunitycostsareunavoidableconstraintsonbehaviourbecauseonehastodecidewhat'sbestandgiveupthenext-bestalternative. PriceTheory[edit] Pricetheoryisafieldofeconomicsthatusesthesupplyanddemandframeworktoexplainandpredicthumanbehavior.ItisassociatedwiththeChicagoSchoolofEconomics.Pricetheorystudiescompetitiveequilibriuminmarketstoyieldtestablehypothesesthatcanberejected. Pricetheoryisnotthesameasmicroeconomics.Strategicbehavior,suchastheinteractionsamongsellersinamarketwheretheyarefew,isasignificantpartofmicroeconomicsbutisnotemphasizedinpricetheory.Pricetheoristsfocusoncompetitionbelievingittobeareasonabledescriptionofmostmarketsthatleavesroomtostudyadditionalaspectsoftastesandtechnology.Asaresult,pricetheorytendstouselessgametheorythanmicroeconomicsdoes. Pricetheoryfocusesonhowagentsrespondtoprices,butitsframeworkcanbeappliedtoawidevarietyofsocioeconomicissuesthatmightnotseemtoinvolvepricesatfirstglance.Pricetheoristshaveinfluencedseveralotherfieldsincludingdevelopingpublicchoicetheoryandlawandeconomics.Pricetheoryhasbeenappliedtoissuespreviouslythoughtofasoutsidethepurviewofeconomicssuchascriminaljustice,marriage,andaddiction. Microeconomicmodels[edit] Supplyanddemand[edit] Mainarticle:Supplyanddemand Supplyanddemandisaneconomicmodelofpricedeterminationinaperfectlycompetitivemarket.Itconcludesthatinaperfectlycompetitivemarketwithnoexternalities,perunittaxes,orpricecontrols,theunitpriceforaparticulargoodisthepriceatwhichthequantitydemandedbyconsumersequalsthequantitysuppliedbyproducers.Thispriceresultsinastableeconomicequilibrium. Thesupplyanddemandmodeldescribeshowpricesvaryasaresultofabalancebetweenproductavailabilityanddemand.Thegraphdepictsanincrease(thatis,right-shift)indemandfromD1toD2alongwiththeconsequentincreaseinpriceandquantityrequiredtoreachanewequilibriumpointonthesupplycurve(S). Pricesandquantitieshavebeendescribedasthemostdirectlyobservableattributesofgoodsproducedandexchangedinamarketeconomy.[10]Thetheoryofsupplyanddemandisanorganizingprincipleforexplaininghowpricescoordinatetheamountsproducedandconsumed.Inmicroeconomics,itappliestopriceandoutputdeterminationforamarketwithperfectcompetition,whichincludestheconditionofnobuyersorsellerslargeenoughtohaveprice-settingpower. Foragivenmarketofacommodity,demandistherelationofthequantitythatallbuyerswouldbepreparedtopurchaseateachunitpriceofthegood.Demandisoftenrepresentedbyatableoragraphshowingpriceandquantitydemanded(asinthefigure).Demandtheorydescribesindividualconsumersasrationallychoosingthemostpreferredquantityofeachgood,givenincome,prices,tastes,etc.Atermforthisis"constrainedutilitymaximization"(withincomeandwealthastheconstraintsondemand).Here,utilityreferstothehypothesizedrelationofeachindividualconsumerforrankingdifferentcommoditybundlesasmoreorlesspreferred. Thelawofdemandstatesthat,ingeneral,priceandquantitydemandedinagivenmarketareinverselyrelated.Thatis,thehigherthepriceofaproduct,thelessofitpeoplewouldbepreparedtobuy(otherthingsunchanged).Asthepriceofacommodityfalls,consumersmovetowarditfromrelativelymoreexpensivegoods(thesubstitutioneffect).Inaddition,purchasingpowerfromthepricedeclineincreasesabilitytobuy(theincomeeffect).Otherfactorscanchangedemand;forexampleanincreaseinincomewillshiftthedemandcurveforanormalgoodoutwardrelativetotheorigin,asinthefigure.Alldeterminantsarepredominantlytakenasconstantfactorsofdemandandsupply. Supplyistherelationbetweenthepriceofagoodandthequantityavailableforsaleatthatprice.Itmayberepresentedasatableorgraphrelatingpriceandquantitysupplied.Producers,forexamplebusinessfirms,arehypothesizedtobeprofitmaximizers,meaningthattheyattempttoproduceandsupplytheamountofgoodsthatwillbringthemthehighestprofit.Supplyistypicallyrepresentedasafunctionrelatingpriceandquantity,ifotherfactorsareunchanged. Thatis,thehigherthepriceatwhichthegoodcanbesold,themoreofitproducerswillsupply,asinthefigure.Thehigherpricemakesitprofitabletoincreaseproduction.Justasonthedemandside,thepositionofthesupplycanshift,sayfromachangeinthepriceofaproductiveinputoratechnicalimprovement.The"LawofSupply"statesthat,ingeneral,ariseinpriceleadstoanexpansioninsupplyandafallinpriceleadstoacontractioninsupply.Hereaswell,thedeterminantsofsupply,suchaspriceofsubstitutes,costofproduction,technologyappliedandvariousfactorsofinputsofproductionarealltakentobeconstantforaspecifictimeperiodofevaluationofsupply. Marketequilibriumoccurswherequantitysuppliedequalsquantitydemanded,theintersectionofthesupplyanddemandcurvesinthefigureabove.Atapricebelowequilibrium,thereisashortageofquantitysuppliedcomparedtoquantitydemanded.Thisispositedtobidthepriceup.Atapriceaboveequilibrium,thereisasurplusofquantitysuppliedcomparedtoquantitydemanded.Thispushesthepricedown.Themodelofsupplyanddemandpredictsthatforgivensupplyanddemandcurves,priceandquantitywillstabilizeatthepricethatmakesquantitysuppliedequaltoquantitydemanded.Similarly,demand-and-supplytheorypredictsanewprice-quantitycombinationfromashiftindemand(astothefigure),orinsupply. Foragivenquantityofaconsumergood,thepointonthedemandcurveindicatesthevalue,ormarginalutility,toconsumersforthatunit.Itmeasureswhattheconsumerwouldbepreparedtopayforthatunit.[11]Thecorrespondingpointonthesupplycurvemeasuresmarginalcost,theincreaseintotalcosttothesupplierforthecorrespondingunitofthegood.Thepriceinequilibriumisdeterminedbysupplyanddemand.Inaperfectlycompetitivemarket,supplyanddemandequatemarginalcostandmarginalutilityatequilibrium.[12] Onthesupplysideofthemarket,somefactorsofproductionaredescribedas(relatively)variableintheshortrun,whichaffectsthecostofchangingoutputlevels.Theirusageratescanbechangedeasily,suchaselectricalpower,raw-materialinputs,andover-timeandtempwork.Otherinputsarerelativelyfixed,suchasplantandequipmentandkeypersonnel.Inthelongrun,allinputsmaybeadjustedbymanagement.Thesedistinctionstranslatetodifferencesintheelasticity(responsiveness)ofthesupplycurveintheshortandlongrunsandcorrespondingdifferencesintheprice-quantitychangefromashiftonthesupplyordemandsideofthemarket. Marginalisttheory,suchasabove,describestheconsumersasattemptingtoreachmost-preferredpositions,subjecttoincomeandwealthconstraintswhileproducersattempttomaximizeprofitssubjecttotheirownconstraints,includingdemandforgoodsproduced,technology,andthepriceofinputs.Fortheconsumer,thatpointcomeswheremarginalutilityofagood,netofprice,reacheszero,leavingnonetgainfromfurtherconsumptionincreases.Analogously,theproducercomparesmarginalrevenue(identicaltopricefortheperfectcompetitor)againstthemarginalcostofagood,withmarginalprofitthedifference.Atthepointwheremarginalprofitreacheszero,furtherincreasesinproductionofthegoodstop.Formovementtomarketequilibriumandforchangesinequilibrium,priceandquantityalsochange"atthemargin":more-or-lessofsomething,ratherthannecessarilyall-or-nothing. Otherapplicationsofdemandandsupplyincludethedistributionofincomeamongthefactorsofproduction,includinglabourandcapital,throughfactormarkets.Inacompetitivelabourmarketforexamplethequantityoflabouremployedandthepriceoflabour(thewagerate)dependsonthedemandforlabour(fromemployersforproduction)andsupplyoflabour(frompotentialworkers).Laboureconomicsexaminestheinteractionofworkersandemployersthroughsuchmarketstoexplainpatternsandchangesofwagesandotherlabourincome,labourmobility,and(un)employment,productivitythroughhumancapital,andrelatedpublic-policyissues.[13] Demand-and-supplyanalysisisusedtoexplainthebehaviourofperfectlycompetitivemarkets,butasastandardofcomparisonitcanbeextendedtoanytypeofmarket.Itcanalsobegeneralizedtoexplainvariablesacrosstheeconomy,forexample,totaloutput(estimatedasrealGDP)andthegeneralpricelevel,asstudiedinmacroeconomics.[14]Tracingthequalitativeandquantitativeeffectsofvariablesthatchangesupplyanddemand,whetherintheshortorlongrun,isastandardexerciseinappliedeconomics.Economictheorymayalsospecifyconditionssuchthatsupplyanddemandthroughthemarketisanefficientmechanismforallocatingresources.[15] Marketstructure[edit] Mainarticle:Marketstructure Thissectiondoesnotciteanysources.Pleasehelpimprovethissectionbyaddingcitationstoreliablesources.Unsourcedmaterialmaybechallengedandremoved.(October2018)(Learnhowandwhentoremovethistemplatemessage) Marketstructurereferstofeaturesofamarket,includingthenumberoffirmsinthemarket,thedistributionofmarketsharesbetweenthem,productuniformityacrossfirms,howeasyitisforfirmstoenterandexitthemarket,andformsofcompetitioninthemarket.[16][17]Amarketstructurecanhaveseveraltypesofinteractingmarketsystems. Differentformsofmarketsareafeatureofcapitalismandmarketsocialism,withadvocatesofstatesocialismoftencriticizingmarketsandaimingtosubstituteorreplacemarketswithvaryingdegreesofgovernment-directedeconomicplanning. Competitionactsasaregulatorymechanismformarketsystems,withgovernmentprovidingregulationswherethemarketcannotbeexpectedtoregulateitself.Regulationshelptomitigatenegativeexternalitiesofgoodsandserviceswhentheprivateequilibriumofthemarketdoesnotmatchthesocialequilibrium.Oneexampleofthisiswithregardstobuildingcodes,whichifabsentinapurelycompetitionregulatedmarketsystem,mightresultinseveralhorrificinjuriesordeathstoberequiredbeforecompanieswouldbeginimprovingstructuralsafety,asconsumersmayatfirstnotbeasconcernedorawareofsafetyissuestobeginputtingpressureoncompaniestoprovidethem,andcompanieswouldbemotivatednottoprovidepropersafetyfeaturesduetohowitwouldcutintotheirprofits. Theconceptof"markettype"isdifferentfromtheconceptof"marketstructure".Nevertheless,itisworthnotingherethatthereareavarietyoftypesofmarkets. Thedifferentmarketstructuresproducecostcurves[18]basedonthetypeofstructurepresent.Thedifferentcurvesaredevelopedbasedonthecostsofproduction,specificallythegraphcontainsmarginalcost,averagetotalcost,averagevariablecost,averagefixedcost,andmarginalrevenue,whichissometimesequaltothedemand,averagerevenue,andpriceinaprice-takingfirm. Perfectcompetition[edit] Mainarticle:Perfectcompetition Perfectcompetitionisasituationinwhichnumeroussmallfirmsproducingidenticalproductscompeteagainsteachotherinagivenindustry.Perfectcompetitionleadstofirmsproducingthesociallyoptimaloutputlevelattheminimumpossiblecostperunit.Firmsinperfectcompetitionare"pricetakers"(theydonothaveenoughmarketpowertoprofitablyincreasethepriceoftheirgoodsorservices).Agoodexamplewouldbethatofdigitalmarketplaces,suchaseBay,onwhichmanydifferentsellerssellsimilarproductstomanydifferentbuyers.Consumersinaperfectcompetitivemarkethaveperfectknowledgeabouttheproductsthatarebeingsoldinthismarket. Imperfectcompetition[edit] Mainarticle:Imperfectcompetition Imperfectcompetitionisatypeofmarketstructureshowingsomebutnotallfeaturesofcompetitivemarkets. Monopolisticcompetition[edit] Mainarticle:Monopolisticcompetition Monopolisticcompetitionisasituationinwhichmanyfirmswithslightlydifferentproductscompete.Productioncostsareabovewhatmaybeachievedbyperfectlycompetitivefirms,butsocietybenefitsfromtheproductdifferentiation.Examplesofindustrieswithmarketstructuressimilartomonopolisticcompetitionincluderestaurants,cereal,clothing,shoes,andserviceindustriesinlargecities. Monopoly[edit] Mainarticle:Monopoly Amonopolyisamarketstructureinwhichamarketorindustryisdominatedbyasinglesupplierofaparticulargoodorservice.Becausemonopolieshavenocompetition,theytendtosellgoodsandservicesatahigherpriceandproducebelowthesociallyoptimaloutputlevel.However,notallmonopoliesareabadthing,especiallyinindustrieswheremultiplefirmswouldresultinmorecoststhanbenefits(i.e.naturalmonopolies).[19][20] Naturalmonopoly:Amonopolyinanindustrywhereoneproducercanproduceoutputatalowercostthanmanysmallproducers. Oligopoly[edit] Mainarticle:Oligopoly Anoligopolyisamarketstructureinwhichamarketorindustryisdominatedbyasmallnumberoffirms(oligopolists).Oligopoliescancreatetheincentiveforfirmstoengageincollusionandformcartelsthatreducecompetitionleadingtohigherpricesforconsumersandlessoverallmarketoutput.[21]Alternatively,oligopoliescanbefiercelycompetitiveandengageinflamboyantadvertisingcampaigns.[22] Duopoly:Aspecialcaseofanoligopoly,withonlytwofirms.Gametheorycanelucidatebehaviorinduopoliesandoligopolies.[23] Monopsony[edit] Mainarticle:Monopsony Amonopsonyisamarketwherethereisonlyonebuyerandmanysellers. Bilateralmonopoly[edit] Mainarticle:Bilateralmonopoly Abilateralmonopolyisamarketconsistingofbothamonopoly(asingleseller)andamonopsony(asinglebuyer). Oligopsony[edit] Mainarticle:Oligopsony Anoligopsonyisamarketwherethereareafewbuyersandmanysellers. Gametheory[edit] Mainarticle:Gametheory Gametheoryisamajormethodusedinmathematicaleconomicsandbusinessformodelingcompetingbehaviorsofinteractingagents.Theterm"game"hereimpliesthestudyofanystrategicinteractionbetweenpeople.Applicationsincludeawidearrayofeconomicphenomenaandapproaches,suchasauctions,bargaining,mergers&acquisitionspricing,fairdivision,duopolies,oligopolies,socialnetworkformation,agent-basedcomputationaleconomics,generalequilibrium,mechanismdesign,andvotingsystems,andacrosssuchbroadareasasexperimentaleconomics,behavioraleconomics,informationeconomics,industrialorganization,andpoliticaleconomy. Economicsofinformation[edit] Mainarticle:Informationeconomics Informationeconomicsisabranchofmicroeconomictheorythatstudieshowinformationandinformationsystemsaffectaneconomyandeconomicdecisions.Informationhasspecialcharacteristics.Itiseasytocreatebuthardtotrust.Itiseasytospreadbuthardtocontrol.Itinfluencesmanydecisions.Thesespecialcharacteristics(ascomparedwithothertypesofgoods)complicatemanystandardeconomictheories.[24]Theeconomicsofinformationhasrecentlybecomeofgreatinteresttomany-possiblyduetotheriseofinformation-basedcompaniesinsidethetechnologyindustry.[6]Fromagametheoryapproach,wecanloosentheusualconstraintsthatagentshavecompleteinformationtofurtherexaminetheconsequencesofhavingincompleteinformation.Thisgivesrisetomanyresultswhichareapplicabletoreallifesituations.Forexample,ifonedoesloosenthisassumption,thenitispossibletoscrutinizetheactionsofagentsinsituationsofuncertainty.Itisalsopossibletomorefullyunderstandtheimpacts–bothpositiveandnegative–ofagentsseekingoutoracquiringinformation.[6] Applied[edit] UnitedStatesCapitolBuilding:meetingplaceoftheUnitedStatesCongress,wheremanytaxlawsarepassed,whichdirectlyimpacteconomicwelfare.Thisisstudiedinthesubjectofpubliceconomics. Appliedmicroeconomicsincludesarangeofspecializedareasofstudy,manyofwhichdrawonmethodsfromotherfields. Economichistoryexaminestheevolutionoftheeconomyandeconomicinstitutions,usingmethodsandtechniquesfromthefieldsofeconomics,history,geography,sociology,psychology,andpoliticalscience. Educationeconomicsexaminestheorganizationofeducationprovisionanditsimplicationforefficiencyandequity,includingtheeffectsofeducationonproductivity. Financialeconomicsexaminestopicssuchasthestructureofoptimalportfolios,therateofreturntocapital,econometricanalysisofsecurityreturns,andcorporatefinancialbehavior. Healtheconomicsexaminestheorganizationofhealthcaresystems,includingtheroleofthehealthcareworkforceandhealthinsuranceprograms. Industrialorganizationexaminestopicssuchastheentryandexitoffirms,innovation,andtheroleoftrademarks. Lawandeconomicsappliesmicroeconomicprinciplestotheselectionandenforcementofcompetinglegalregimesandtheirrelativeefficiencies. Politicaleconomyexaminestheroleofpoliticalinstitutionsindeterminingpolicyoutcomes. Publiceconomicsexaminesthedesignofgovernmenttaxandexpenditurepoliciesandeconomiceffectsofthesepolicies(e.g.,socialinsuranceprograms). Urbaneconomics,whichexaminesthechallengesfacedbycities,suchassprawl,airandwaterpollution,trafficcongestion,andpoverty,drawsonthefieldsofurbangeographyandsociology. Laboreconomicsexaminesprimarilylabormarkets,butcomprisesalargerangeofpublicpolicyissuessuchasimmigration,minimumwages,orinequality. Seealso[edit] Economics Macroeconomics Critiqueofpoliticaleconomy References[edit] ^Marchant,MaryA.;Snell,WilliamM."MacroeconomicsandInternationalPolicyTerms"(PDF).UniversityofKentucky.Archived(PDF)fromtheoriginalon2007-03-18.Retrieved2007-05-04. ^ab"EconomicsGlossary".MonroeCountyWomen'sDisabilityNetwork.Archivedfromtheoriginalon2008-02-04.Retrieved2008-02-22. ^"SocialStudiesStandardsGlossary".NewMexicoPublicEducationDepartment.Archivedfromtheoriginalon2007-08-08.Retrieved2008-02-22. ^"Glossary".ECON100.Archivedfromtheoriginalon2006-04-11.Retrieved2008-02-22. ^abFrisch,R.1933.Propagationproblemsandimpulseproblemsindynamiceconomics.InEconomicessaysinhonourofGustavCassel,ed.R.Frisch.London:Allen&Unwin. ^abcdVarianH.R.(1987)Microeconomics.In:PalgraveMacmillan(eds)TheNewPalgraveDictionaryofEconomics.PalgraveMacmillan,London. ^Varian,HalR.(1987)."Microeconomics".TheNewPalgraveDictionaryofEconomics.pp. 1–5.doi:10.1057/978-1-349-95121-5_1212-1.ISBN 978-1-349-95121-5. ^DeWolff,Pieter(April1941)."IncomeElasticityofDemand,aMicro-EconomicandaMacro-EconomicInterpretation".TheEconomicJournal.51(201):140–145.doi:10.2307/2225666.JSTOR 2225666. ^Sickles,R.,&Zelenyuk,V.(2019).MeasurementofProductivityandEfficiency:TheoryandPractice.Cambridge:CambridgeUniversityPress.doi:10.1017/9781139565981 ^Brody,A.(1987)."Pricesandquantities".InEatwell,John;Milgate,Murray;Newman,Peter(eds.).TheNewPalgraveDictionaryofEconomics.TheNewPalgrave:ADictionaryofEconomics(first ed.).pp. 1–7.doi:10.1057/9780230226203.3325.ISBN 9780333786765. ^Baumol,WilliamJ.(28April2016)."UtilityandValue".EncyclopædiaBritannica. ^Hicks,J.R.(2001)[1939].ValueandCapital:AnInquiryintoSomeFundamentalPrinciplesofEconomicTheory(second ed.).London:OxfordUniversityPress.ISBN 978-0-19-828269-3. ^•Freeman,RichardB.(1987)."Laboureconomics".InEatwell,John;Milgate,Murray;Newman,Peter(eds.).TheNewPalgraveDictionaryofEconomics.TheNewPalgrave:ADictionaryofEconomics(first ed.).pp. 1–7.doi:10.1057/9780230226203.2907.ISBN 9780333786765.  •Taber,Christopher;Weinberg,BruceA.(2008)."Laboureconomics(newperspectives)".InDurlauf,StevenN.;Blume,LawrenceE.(eds.).TheNewPalgraveDictionaryofEconomics(second ed.).PalgraveMacmillanUK.pp. 787–791.doi:10.1057/9780230226203.0914.ISBN 978-0-333-78676-5.  •Hicks,JohnR.(1963)[1932].TheTheoryofWages(second ed.).Macmillan. ^Blanchard,Olivier(2006)."Chapter7:PuttingAllMarketsTogether:TheAS–ADModel".Macroeconomics(4th ed.).Prentice-Hall.ISBN 978-0-1318-6026-1. ^Jordan,J.S.(October1982)."TheCompetitiveAllocationProcessIsInformationallyEfficientUniquely".JournalofEconomicTheory.28(1):1–18.doi:10.1016/0022-0531(82)90088-6. ^McEachern,WilliamA.(2006).Economics:AContemporaryIntroduction.ThomsonSouth-Western.pp. 166.ISBN 978-0-324-28860-5. ^Hashimzade,Nigar;Myles,Gareth;Black,John(2017)."marketstructure".ADictionaryofEconomics.OxfordUniversityPress.ISBN 978-0-19-875943-0. ^Emerson,PatrickM.(2019-10-28),"Module8:CostCurves",IntermediateMicroeconomics,OregonStateUniversity,retrieved2021-05-13 ^"Monopoly-EconomicsHelp".EconomicsHelp.Archivedfromtheoriginalon2018-03-14.Retrieved2018-03-14. ^Krylovskiy,Nikolay(20January2020)."Naturalmonopolies".EconomicsOnline.Retrieved2020-09-03. ^"CompetitionCounts".ftstatus=live.11June2013.Archivedfromtheoriginalon4December2013. ^Erickson,GaryM.(2009)."GaryM.Erickson(2009)."AnOligopolyModelofDynamicAdvertisingCompetition".EuropeanJournalofOperationalResearch197(2009):374-388".EuropeanJournalofOperationalResearch.197(1):374–388.doi:10.1016/j.ejor.2008.06.023. ^ "Oligopoly/DuopolyandGameTheory".APMicroeconomicsReview.2017.Archivedfromtheoriginalon2016-06-25.Retrieved2017-06-11.Gametheoryisthemainwayeconomists[sic]understandsthebehavioroffirmswithinthismarketstructure. ^•BethAllen,1990."InformationasanEconomicCommodity,"AmericanEconomicReview,80(2),pp.268–273.  •KennethJ.Arrow,1999."InformationandtheOrganizationofIndustry,"ch.1,inGracielaChichilniskyMarkets,Information,andUncertainty.CambridgeUniversityPress,pp.20–21.  •_____,1996."TheEconomicsofInformation:AnExposition,"Empirica,23(2),pp. 119–128.  •_____,1984.CollectedPapersofKennethJ.Arrow,v.4,TheEconomicsofInformation.DescriptionArchived2012-03-30attheWaybackMachineandchapter-previewlinks.  •Jean-JacquesLaffont,1989.TheEconomicsofUncertaintyandInformation,MITPress.DescriptionArchived2012-01-25attheWaybackMachineandchapter-previewlinks. Furtherreading[edit] *Bade,Robin;MichaelParkin(2001).FoundationsofMicroeconomics.AddisonWesleyPaperback1stEdition. Editors,biography.com(August17,2016)."AdamSmithBiography.com".A&ETelevisionNetworks.CS1maint:extratext:authorslist(link) Bouman,John:PrinciplesofMicroeconomics–freefullycomprehensivePrinciplesofMicroeconomicsandMacroeconomicstexts.Columbia,Maryland,2011 Colander,David.Microeconomics.McGraw-HillPaperback,7thEdition:2008. Dunne,Timothy;J.BradfordJensen;MarkJ.Roberts(2009).ProducerDynamics:NewEvidencefromMicroData.UniversityofChicagoPress.ISBN 978-0-226-17256-9. Eaton,B.Curtis;Eaton,DianeF.;andDouglasW.Allen.Microeconomics.PrenticeHall,5thEdition:2002. Erickson,GaryM.(2009).“AnOligopolyModelofDynamicAdvertisingCompetition“.EuropeanJournalofOperationalResearch197(2009):374-388.https://econpapers.repec.org/article/eeeejores/v_3a197_3ay_3a2009_3ai_3a1_3ap_3a374-388.htm Frank,RobertH.;MicroeconomicsandBehavior.McGraw-Hill/Irwin,6thEdition:2006. Friedman,Milton.PriceTheory.AldineTransaction:1976 Hagendorf,Klaus:LabourValuesandtheTheoryoftheFirm.PartI:TheCompetitiveFirm.Paris:EURODOS;2009. Harnerger,ArnoldC.(2008)."Microeconomics".InDavidR.Henderson(ed.).ConciseEncyclopediaofEconomics(2nd ed.).Indianapolis:LibraryofEconomicsandLiberty.ISBN 978-0-86597-665-8.OCLC 237794267. Hicks,JohnR.ValueandCapital.ClarendonPress.[1939]1946,2nded. Hirshleifer,Jack.,Glazer,Amihai,andHirshleifer,David,Pricetheoryandapplications:Decisions,markets,andinformation.CambridgeUniversityPress,7thEdition:2005. Jaffe,Sonia;Minton,Robert;Mulligan,CaseyB.;andMurphy,KevinM.:ChicagoPriceTheory.PrincetonUniversityPress,2019 Jehle,GeoffreyA.;andPhilipJ.Reny.AdvancedMicroeconomicTheory.AddisonWesleyPaperback,2ndEdition:2000. Katz,MichaelL.;andHarveyS.Rosen.Microeconomics.McGraw-Hill/Irwin,3rdEdition:1997. Kreps,DavidM.ACourseinMicroeconomicTheory.PrincetonUniversityPress:1990 Landsburg,Steven.PriceTheoryandApplications.South-WesternCollegePub,5thEdition:2001. Mankiw,N.Gregory.PrinciplesofMicroeconomics.South-WesternPub,2ndEdition:2000. Mas-Colell,Andreu;Whinston,MichaelD.;andJerryR.Green.MicroeconomicTheory.OxfordUniversityPress,US:1995. McGuigan,JamesR.;Moyer,R.Charles;andFrederickH.Harris.ManagerialEconomics:Applications,StrategyandTactics.South-WesternEducationalPublishing,9thEdition:2001. Nicholson,Walter.MicroeconomicTheory:BasicPrinciplesandExtensions.South-WesternCollegePub,8thEdition:2001. Perloff,JeffreyM.Microeconomics.Pearson–AddisonWesley,4thEdition:2007. Perloff,JeffreyM.Microeconomics:TheoryandApplicationswithCalculus.Pearson–AddisonWesley,1stEdition:2007 Pindyck,RobertS.;andDanielL.Rubinfeld.Microeconomics.PrenticeHall,7thEdition:2008. Ruffin,RoyJ.;andPaulR.Gregory.PrinciplesofMicroeconomics.AddisonWesley,7thEdition:2000. Sickles,R.,&Zelenyuk,V.(2019).MeasurementofProductivityandEfficiency:TheoryandPractice.Cambridge:CambridgeUniversityPress.https://assets.cambridge.org/97811070/36161/frontmatter/9781107036161_frontmatter.pdf Varian,HalR.(1987)."microeconomics,"TheNewPalgrave:ADictionaryofEconomics,v.3,pp. 461–63. Varian,HalR.IntermediateMicroeconomics:AModernApproach.W.W.Norton&Company,8thEdition:2009. Varian,HalR.MicroeconomicAnalysis.W.W.Norton&Company,3rdEdition:1992. 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