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Microeconomics is defined as the study of individuals, households and firms' behavior in decision making and allocation of resources. The significance of microeconomics is discussed below: Taxes are an important source of income for acountry. There have been incidents of disturbances within economies due totaxation policies. Hence, a well-planned and a well-developed taxation policyis crucial for an economy. Microeconomics ensures to understand the implications and problems oftaxation and formulate suitable taxation policies.
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