Suppose the market of chocolates is unregulated

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Suppose the market of chocolates is unregulated. That is, chocolate prices go are free to adjust based on the forces of supply and demand.

If an excess demand exists in the chocolate market, then the current price must be _____ (higher/lower) than the equilibrium price and you would expect _____ (1. buyers to offer higher prices/ 2. sellers offer lower prices/ 3.persistent excess demand).

Reference no: EM13854564

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