The broad field of Microeconomics would most likely study how all consumers respond to a hike in cigarette taxes.
<h3>What is Microeconomics?</h3>
Microeconomics is a branch of social science that focuses on the effects of incentives and choices, particularly how they affect how resources are used and distributed.
Microeconomics explains how and why different things have varying values, how people and firms conduct themselves and profit from efficient production and trading, and how people can work together and coordinate their efforts to the greatest extent possible. Typically, microeconomics offers a more thorough and in-depth understanding than macroeconomics.
Microeconomics is the study of how people make decisions in response to changes in incentives, pricing, resources, and/or production processes. People are frequently categorized into microeconomic subgroups as customers, sellers, and business owners.
These organizations use money and interest rates as a price mechanism to coordinate the supply and demand for resources.
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