(Figure: Supply, Demand, and Equilibrium) Use Figure: Supply, Demand, and Equilibrium

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.

If consumer tastes for electric cars increase over the next 10 years and there is no change in supply, we expect to see an increase in the demand for electric cars, higher electric car prices, and an increase in the equilibrium quantity of electric cars.