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When the demand for electricity peaks during the hottest days of summer, Florida Power and Light Company can generate more electricity by using more fuel and increasing the working hours of many of its employees. The company cannot, however, increase electric power production by building additional generating capacity. This means that the company is in the
Small Crop
A small crop refers to a lesser yield of agricultural produce than usual, often due to factors like weather conditions, pest infestations, or reduced acreage.
Drought
A prolonged period of abnormally low rainfall, leading to a shortage of water.
Price Inelastic
A condition where the quantity demanded of a good or service is relatively unaffected by changes in its price.
Technological Change
Refers to advancements or improvements in technology, which can lead to increased efficiency and productivity in various sectors.
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