Economics: Demand and Supply
posted by Anonymous .
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 __________.
First blank - lower
Second blank - buyers to offer high prices
Correct me if I'm wrong, please.