Modern Economics. Microeconomics Part

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Features: This book is a companion to Modern Economics (Macroeconomics Part), focusing on microeconomics. It examines individual economic entities such as individuals, households, firms, as well as individual product or service markets, studying the economic behavior of these entities and the determination conditions of corresponding economic variables. Based on differences in market control, markets are divided into four types: perfect competition, monopolistic competition, oligopoly, and monopoly. The book explores the determination of price and quality in each of these four market types. The central focus of microeconomics is the determination of market prices, which is why it is often referred to as equilibrium price theory or price theory. Depending on theoretical emphasis, scope, and other factors, this book introduces theories such as consumer behavior theory, production theory, cost theory, market structure theory, factor market theory, welfare economics, and general equilibrium in sequence. The book has a well-structured layout, rich content, appropriate examples, and strong readability.