Question

pregunta 7 (2 puntos)
a system for allocating scare resources, usually by the government, is known as ____.
○ a equilibrium
○ b rationing
○ c incentive
○ d welfare

pregunta 8 (2 puntos)
when graphing supply and demand, any price that is below equilibrium creates a/an ____.
○ a shortage
○ b incentive
○ c surplus
○ d change in demand

Explanation:

Pregunta 7

To solve this, we analyze each option:

• "Equilibrium" refers to a balance in supply - demand, not resource allocation by government for scarce resources.
• "Rationing" is the process of distributing scarce resources, often done by the government.
• "Incentive" is a motivator, not a resource allocation system.
• "Welfare" is about social assistance, not resource allocation for scarcity.

When price is below equilibrium:

• Quantity demanded exceeds quantity supplied. This situation is called a "shortage".
• "Incentive" is not related to supply - demand imbalance.
• "Surplus" occurs when price is above equilibrium (quantity supplied > quantity demanded).
• "Change in demand" is a shift in the demand curve, not related to price - equilibrium imbalance.

Answer:

b. rationing

Pregunta 8