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Suppose the market for ice cream is deregulated

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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Answer #1
http://www.answers.com/topic/supply-and-demand
Read that first sentence VERY CAREFULLY! Let us know what you think.
answered by: TYRONN
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