• How and why do changes in prices affect consumer and producer choices?

• Why is the price mechanism effective in promoting allocative efficiency?

• To what extent is rationing scarce goods and services according to consumers’ ability to pay equitable?

• What should societies prioritize in deciding how to allocate scarce goods and services—efficiency or equity?

• How have prices for the commodity changed over the time period?

• What are some reasons for these changes?

• How might these changes affect consumers?

• How might these changes affect producers?

• How might price elasticity of demand (PED) and price elasticity of supply (PES) influence the price volatility of this commodity? 

To what extent did I make rational decisions and choices?

To what extent am I aware of the factors affecting my choices as a consumer?

If consumers do not make rational choices, can allocative efficiency be achieved?

How is the overconsumption of demerit goods affecting economic well-being?

How does government intervention address the problem?

What are the characteristics of effective government intervention?

When implementing policies, to what extent should governments prioritize efficiency over equity?