Suppose the market for cantaloupes is unregulated

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Suppose the market for cantaloupes is unregulated. That is, cantaloupe prices are free to adjust based on the forces of supply and demand.

If a shortage exists in the cantaloupe market, then the current price must be (higher or lower)? than the equilibrium price. For the market to reach equilibrium, you would expect (persistent excess demand, seller to offer lower prices, or buyers to offer higher prices)?

Reference no: EM131006367

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