1.1. In the following three situations, the market is initially in equilibrium. After each event described below, does a surplus or shortage exist at the original equilibrium price? What will happen to the equilibrium price as a result?

a. 2005 was a very good year for California wine-grape growers, who produced a bumper crop.

b. After a hurricane, Florida hoteliers often find that many people cancel their upcoming vacations, leaving them with empty hotel rooms.

c. After a heavy snowfall, many people want to buy secondhand snowblowers at the local tool shop.