Buyers to offer higher prices or persistent excess supply

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Suppose the market for hamburgers is unregulated. That is, hamburger prices are free to adjust based on the forces of supply and demand. If a surplus exists in the hamburger market, then the current price must be ________(higher or lower?) than the equilibrium price. For the market to reach equilibrium, you would expect _________(sellers to offer lower prices, or buyers to offer higher prices, or persistent excess supply?)

Reference no: EM13852662

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