In Likpe Mate, one of the Paramount seat villages within the newly created region, Oti Region, the sellers have agreed among themselves to sell food items in turns. Thus, if one-person cook waakye today, she has to wait for the next three days for others to also sell similar waakye before selling same waakye again. Due to such arrangement among the sellers in the village, consumers are complaining of high prices of food despite the village being a farming community. Should the people of Likpe Mate adopt ‘free competitive market’ as proclaimed by economists? Discuss

When an average cost pricing rule is imposed on a natural monopoly, ________

A) total surplus is maximized and the monopoly incurs an economic loss B) the monopoly makes zero economic profit C) the monopoly makes an economic profit D) total surplus is maximized and the monopoly makes an economic profit

If one person has all the income and everyone else has none, the Gini ratio is zero

Indicate whether the statement is true or false

Which of the following is most likely correct about economists?

a. Economists do not determine the answer to the problem first and then draw the graph to illustrate. b. Economists do not use the graph of the theory to determine the answer. c. Economists determine the answer to the problem first and then draw the graph to illustrate. d. Economists identify multiple potential answers and then graph each one to determine the correct answer.

When an economy is producing its potential output, which of the following is true?

What will be an ideal response?