Assume There Are Three Hardware Stores, Each Willing to Sell

question 9

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 is $12, what would total producer surplus be?

• A) $7
• B) $9
• C) $17
• D) $30

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