If a shortage exists in the hamburger market, then the current price must be a)h

Question

If a shortage exists in the hamburger market, then the current price must be a)higher b)lower than the equilibrium price. For the market to reach equilibrium, you would expect a)buyers to offer higher prices b) sellers to offer lower prices c)persistent excess demand

11. Disequilibrium 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 shortage exists in the hamburger market, then the current price must be equilibrium, you would expect than the equilibrium price. For the market to reach

Explanation / Answer

The shortage is a situation where the quantity demanded is greater than the quantity supplied. The current price must be lower than the equilibrium because at lower prices the producers sell less and consumers demand more so the markets to reach equilibrium the buyers should offer higher prices.

1. ans: lower, buyers to offer high prices.

Related Questions

Navigate

• Browse (All)
• Browse I
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.