In the following three situations, the market is initially in equilibrium. Explain the changes in either supply
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In the following three situations, the market is initially in equilibrium. Explain the changes in either supply or demand that result from each event. Aer 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. 2018 was a very good year for California wine-grape growers, who produced a bumper crop.
b. Aer a hurricane, Florida hoteliers often find that many people cancel their upcoming vacations, leaving them with empty hotel rooms.
c. Aer a heavy snowfall, many people want to buy secondhand snowblowers at the local home improvement store.
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a The supply curve shifts rightward At the original equilibrium pr...View the full answer
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