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23 January, 22:23

Suppose the market for pizzas is unregulated. That is, pizza prices are free to adjust based on the forces of supply and demand. If a shortage exists in the pizza market, then the current price must be ... (higher, lower) than the equilibrium price. For the market to reach equilibrium, you would expect ... (sellers to offer lower prices, buyers to offer higher prices, persistent excess demand)

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  1. 23 January, 22:36
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    The correct word for the blank space is: lower; buyers to offer higher prices.

    Explanation:

    In a market driven by supply and demand laws, shortages are caused because of excess in demand as a result of lower prices. Thus, that price is lower than the equilibrium price. Besides, if there is a need to push that price to its equilibrium level, sellers will have to increase the price implying buyers will have to offer higher prices.
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