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April 25, 2015

Homework Help: Economics: Demand and Supply

Posted by Anonymous on Saturday, September 20, 2008 at 8:43pm.

Suppose the market for ice cream is deregulated. That is, ice cream are free to adjust based on the forces of demand and supply. If a shortage exists in the ice cream market, then the current price must be _______ than the equilibrium price, and you would expect __________.

My Answer:
First blank - lower
Second blank - buyers to offer high prices

Correct me if I'm wrong, please.

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