Question

choose whether each scenario demonstrates equilibrium, surplus, or shortage. the price of a product has dropped greatly, and store owners do not have enough of the item to meet demand for a new truck is beginning to increase, but car dealerships still have too many of these lots. the price for a popular holiday toy has risen too high, and consumers are not purchasing items in stock

Explanation:

1. For the holiday toy: High price and low - purchase means supply is more than demand, so it's a surplus.
2. For the new truck: Rising demand but low supply from car dealerships indicates a shortage.
3. For the product with dropped price and insufficient stock, it's a shortage as demand is higher than supply.

Answer:

1. Surplus
2. Shortage
3. Shortage