If a shortage exists in the hamburger market, then the current price must belower than the equilibrium price. For the market to

Question

Bas_tet [7]

3 years ago

6

If a shortage exists in the hamburger market, then the current price must belower than the equilibrium price. For the market to

reach equilibrium, you would expect

Business

2 answers:

dalvyx [7] · Answer 1 · 2022-10-31T03:26:53+03:00

For the market to reach equilibrium, you would expect prices to rise.

<h3>What is a shortage?</h3>

A shortage exists when quantity demanded exceeds quantity supplied. This is because price is below equilibrium price. Equilibrium price is the price at which quantity demanded is equal to quantity supplied.

For a shortage to be resolved, prices would rise until equilibrium price is reached.

To learn more about equilibrium, please check: brainly.com/question/26075805

iVinArrow [24] · Answer 2 · 2022-10-31T05:09:34+03:00

There are different kinds of market. For the market to reach equilibrium, you would expect buyers to offer higher prices.

<h3>What happens if there is a shortage of a good at the certain price?</h3>

When there is a kind of surplus existing in the market, price tends to fall so as to entice additional quantity to be demanded and lower the quantity supplied until the surplus is removed.

When shortage exists, price tends to rise so as to entice additional supply and lower quantity demanded until the shortage is removed.

Learn more about shortage of a good from

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