Short answer 

You must answer THREE of the questions listed below. Please type your answers to all three questions into the single box below, and label your choices ( a / b / c / d ). There is a maximum of 30 lines for all three answers combined.

a) How are the three basic economic questions addressed in a free market system?

b) Differentiate between technological efficiency and allocative efficiency.

c) Differentiate between normal goods and inferior goods.

d) When goods are imported, what happens to the consumer and producer surplus in the importing country?

e) Explain the outcome if the actual market price is not the equilibrium price.