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Why Microeconomics is Significant?
Microeconomics plays a very significant role in the learning of contemporary economic theory. It is consequently significant in the following ways:
- To recognize the working of an economy;
- For good provision and utilization of scarce accessible resources;
- Helps in cost discovery of a fussy product;
- For global trade;
- Helps in formulating different economic policies & economic plans to endorse all-round economic growth;
- Learning the social requirements under the different market environment like monopoly, oligopoly, etc.