Microeconomics is that branch of economics which studies the behavior of individuals and firms when they make decisions with respect to the allocation of scarce resources and the interactions among these individuals and firms.

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Interpretation of statutes is the process by which courts interpret and apply legislation. Whenever a case involves a statute, interpretation often becomes necessary. Sometimes the words of a statute have a plain meaning But when this is not the case the courts interpret and apply points of law derived from Acts of Parliament and delegated legislation.

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