Final answer:
The correct phrases an economist would use to describe the toilet paper shortages are 'Supply and demand imbalances' and 'Panic buying,' with 'Market failure' also being a potential description. 'Efficient allocation of resources' is not correct for this situation.
Step-by-step explanation:
An economist would likely describe the panic that created shortages during spring 2020 in the toilet paper aisles across most of America using the terms 'Supply and demand imbalances' and 'Panic buying'. These phrases accurately reflect the situation where consumer fears, fueled by uncertainty around the COVID-19 pandemic, led to a sudden and significant increase in demand for toilet paper that supply chains at the time could not immediately match, resulting in empty shelves.
The term 'Market failure' could also be relevant, as it reflects a situation in which market outcomes are not efficient - in this case, the shortages and subsequent inability for the market to provide an essential good to consumers despite demand. However, the phrase 'Efficient allocation of resources' is not correct, as it describes an ideal market outcome where goods and services are distributed according to consumer preferences, which was clearly not the case during the shortages. Lastly, 'None of the above' is not applicable because some of the provided options are indeed phrases an economist would use.