1. What would happen to the study of economics if scarcity disappeared? 2. (i) One trade - off society faces is between "efficiency" and "equity". Define each term. (ii) If the government of Ghana redistributes income from the rich to the poor, explain how this action affects equity as well as efficiency in the economy. 3. Briefly describe the characteristics of each of the following market types. Give an example of each market type. (a) Perfectly competitive (b) Monopoly (c) Oligopoly (d) Monopolistic competition