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In a market system, scarce goods are allocated through the operation of estimated prices that are determined by consumers and producers acting in their own self-interest. market prices that are determined by consumers and producers acting in the public's interest. market prices that are determined by consumers and producers acting in their own self-interest. fixed prices that are determined by consumers and producers acting in the public interest. In a command economy, scarce goods are allocated by a government-appointed planning board based on the board's long-term priorities. an elected planning board based on the board's preferences. a government-appointed planning board based on the board's preferences. an elected planning board based on the board's long-term priorities.

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Answer:

The correct answer is: market prices that are determined by consumers and producers acting in their own self-interest.

The correct answer is: a government-appointed planning board based on the board's long-term priorities.

Explanation:

In a market system, the allocation of goods happens through the working of the market forces. The equilibrium level of goods and the equilibrium price is determined when the supply of goods by producers is equal to the demand for goods by consumers. The consumers are trying to maximize their satisfaction level. While the producers are trying to maximize their profits.

In a command or centrally planned economy, the allocation of scarce goods is controlled by the government. The government generally appoints a planning board that decides the allocation based on its long term priorities.

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