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

Refer to the scenario above. If Frank discounts delayed utilities with a weight of 1/4, then which of the following statements is true?

A) He will consume both hotdogs and ice cream. B) He will avoid consuming both hotdogs and ice cream. C) He will consume ice cream but will avoid consuming hotdogs. D) He will consume hotdogs but will avoid consuming ice cream.

The windfall profits tax on oil will curtail oil production if

a. oil executives decide to be spiteful. b. the demand for oil is inelastic. c. the supply curve for oil is upward sloping. d. the supply curve for oil is vertical.