At the library today

Microeconomics is still a jargon to me. I got to the library for 45 minutes (finally in the last 23 days at INSEAD) to study this. I gather that ....

Microeconomics -> price theory
- to study how individuals, households, firms make decisions to allocate limited resources - where goods are bought or sold.
- examines how these decisions determine supply and demand for goods and services

Supply and demand describe market relations between prospective buyer and seller for a good. The supply and demand model determines the PRICE and QUANTITY sold in the market ...makes sense to me.

Now, we visualize a competitive market where price of a product (or service) will function to equalize the quantity demanded by the buyers and the supply produced by the seller and bring the market to EQUILIBRIUM.

- Competitive market means that there is no Monopoly - which means that Microsoft has a strong competitor (I said we visualize ).