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 __________.

Question

My Answer:
First blank - lower
Second blank - buyers to offer high prices

Correct me if I'm wrong, please.

Answer 1

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