Introduction

Micro economics mainly deals with the demand and supply. When there is a demand, supply is always there. Consumers demand for goods and service that they are willing and able to at given price while sellers supply the quantity of goods and service that consumer's want and at the price the consumers are willing to pay.

Sellers are always interested to make profit from the supply of goods and services. The sellers prefer to sell products and services at the highest-possible price that consumers are willing to pay.