Helium is a gas that is limited in supply. It takes thousands of years to form from decaying radioactive rocks. The US government holds 35% of the world’s supply and has been selling its stocks. Helium is essential in medical scanners. It is also used for party balloons which some say is a wasteful alternative use of a valuable good.
Which concepts can be applied to the above statement?
1 )
demand and supply, government subsidy
2 )
excess demand, resource allocation
3 )
factors of production, private monopoly
opportunity cost, public sector
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