Luiz Felipe Scolari's side had been charged with the responsibility of making amends for the failure to lift the trophy the last time the country had hosted the tournament, in 1950.
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Ronaldo was stunned by the error-strewn nature of Brazil's display and says that they now owe it to the people to defeat either Argentina or Netherlands in Brasilia on Saturday.
"The Selecao paid a very high price for their mistakes and now they have an obligation to claim third place," the former Barcelona and Real Madrid forward is quoted as saying by A Bola.
However, Ronaldo's fellow legendary forward, Pele, believes that the Selecao now need to look towards the next World Cup.
"I have always said that football is full of surprises," he wrote on his Twitter profile. "Nobody expected this result. So let's win the sixth [title] in Russia."