Helium is a gas that is limited in supply because it takes thousands of years to form. The US government holds $$$35 \%$$$ of the world's supply of helium and has been selling its stocks. Helium is essential in medical scanners. It is also used for party balloons, which is a wasteful alternative use of a valuable good. Which two concepts apply to this statement?

demand and supply, government subsidy

excess demand, resource allocation

opportunity cost, private monopoly

public sector, factors of production

Economics

IGCSE&ALevel

CAIE

Exam No：0455_w21_qp_13 Year：2021 Question No：3

Answer:

Knowledge points:

2.3.4 conditions of demand; The causes of shifts in a demand curve with appropriate terminology, for example increase and decrease in demand.

2.5.2 market disequilibrium; Definition, drawing and interpretation of demand and supply schedules and curves used to identify disequilibrium prices and shortages (demand exceeding supply) and surpluses (supply exceeding demand).

Answer:

Knowledge points:

Solution:

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