The price of a commodity is determined by the interaction of supply and demand in a market
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The price of a commodity is determined by the interaction of supply and demand in a market. The resulting price is referred to as the equilibrium price and represents an agreement between producers and consumers of the good.
a) Identify an event that involves prices that you have observed in the news, history, or your life that might be explained with Supply and Demand.
Your answer needs to provide at least two paragraphs.
The first paragraph discusses your observation.
The second paragraph explains how you use Supply and Demand.
Please make sure to indentify the groups that determine the supply and the groups that determine the demand.
Answer all the questions in well developed paragraphs. The paragraphs should be at least five or six sentences long, and they should clearly include a topic sentence.
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