• 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.

When the price is lower than the equilibrium price, the quantity demanded is greater than the quantity supplied. This situation is referred to as excess demand or shortage. With many consumers chasing a few products, the firms can react to excess demand by hiking the price without losing customers. Under such a situation, the buyers will have to pay a higher price.