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Suppose there is an excess demand for water in Florida.This means that we can expect the price of water to increase in Florida over time.
Excess Demand
A situation where the quantity demanded of a product exceeds the quantity supplied at a given price.
Water
A colorless, tasteless, and odorless substance essential for most forms of life on Earth and a key resource in both household and industrial activities.
Florida
A U.S. state located in the southeastern region, known for its warm climate, beaches, and major attractions like Walt Disney World.
- Evaluate the consequences of excessive supply and demand on pricing mechanisms within the marketplace.
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Learning Objectives
- Evaluate the consequences of excessive supply and demand on pricing mechanisms within the marketplace.
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