Answer:
If a shortage exists in the cantaloupe market, then the current price must be lower than the equilibrium price. For the market to reach equilibrium, you would expect buyers to offer higher prices.
Explanation:
As there is shortage in cantaloupe market ( Supply curve shifts to the left), there are not enough cantaloupe to sell to buyers.
So, buyers will compete for lower supply amount of cantaloupe by willing to pay higher price.
With the existence of supply shortage and buyers is willing to pay higher price, the equilibrium price will goes up, thus it will be higher than the current price.
The market is not regulated and the price of the cantaloupes are determined by the forces demand and supply of the cantaloupes in the market.
Due to the shortage of cantaloupes in the market the demand for the product will not be satisfied with the given level of supply.
If a shortage exists in the cantaloupe market, then the current price must be lower than the equilibrium price.
The shortage will result in the customers willing to pay higher price than that of the market price and this will lead to an increase in equilibrium price.
Therefore the current price will be lower in case of shortage of supply and the buyers will offer higher prices for the product.
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