11. Disequilibrium Suppose the market for cantaloupes is unregulated. That is, cantaloupe prices are free to adjust based on the forces of supply and demand. If a shortage exists in the cantaloupe market, then the current price must be than the equilibrium price. For the market to reach equilibrium, you would expect

Principles of Economics 2e
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Author:Steven A. Greenlaw; David Shapiro
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Chapter16: Information, Risk, And Insurance
Section: Chapter Questions
Problem 23P: Using Exercise 16.20, sketch the effects in parts (a) and (b) on a single supply and demand diagram....
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11. Disequilibrium

Suppose the market for cantaloupes is unregulated. That is, cantaloupe prices are free to adjust based on the forces of supply and demand.
If a shortage exists in the cantaloupe market, then the current price must be    than the equilibrium price. For the market to reach equilibrium, you would expect    .
11. Disequilibrium
Suppose the market for cantaloupes is unregulated. That is, cantaloupe prices are free to adjust based on the forces of supply and demand.
If a shortage exists in the cantaloupe market, then the current price must be
than the equilibrium price. For the market to reach
equilibrium, you would expect
Transcribed Image Text:11. Disequilibrium Suppose the market for cantaloupes is unregulated. That is, cantaloupe prices are free to adjust based on the forces of supply and demand. If a shortage exists in the cantaloupe market, then the current price must be than the equilibrium price. For the market to reach equilibrium, you would expect
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