Question

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

Answer 1

Answer: Lower

Explanation: A shortage occurs when there are less available in the market. When the current price is less than the equilibrium price, the demand for the good is greater than the supply for the good. When demand is more than supply, the buyers are unable to get the goods they want. Thus, there is a shortage in the market.  

Thus, if a shortage exists in the hamburger market, then the current price must be lower than the equilibrium price.