Microeconomic Theory is a branch of economics that focuses on the behavior of individual consumers and firms. It examines how these entities make decisions regarding the allocation of resources, production, and consumption. Key concepts include supply and demand, market equilibrium, and price elasticity, which help explain how prices are determined in various markets. Additionally, Microeconomic Theory analyzes the impact of government policies, taxes, and regulations on individual markets. It also explores issues like market structures, including perfect competition, monopoly, and oligopoly, to understand how different environments affect competition and consumer choices.