Assume There Are Three Hardware Stores, Each Willing to Sell

question 65

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 increased from $8 to $12, producer surplus would increase:

• A) from $8 to $12.
• B) by $4 for each producer.
• C) by $4 for House Depot.
• D) by $7 in total.

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