Assume There Are Three Hardware Stores, Each Willing to Sell

question 141

Multiple Choice

Assume there are three hardware stores, each willing to sell one standard model hammer in a given time period. House Depot could offer a hammer for a minimum of $7. Lace Hardware could offer a hammer for a minimum of $10. Bob's Hardware could offer a hammer for a minimum of $13.If the market price of hammers decreased from $15 to $13, which of the following can be said with certainty?

• A) Bob's Hardware would no longer participate in the market.
• B) Total producer surplus would decrease.
• C) Only Bob's Hardware would experience a drop in producer surplus.
• D) Bob's Hardware would continue to participate in the market.

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Definitions:

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