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:

Office Worker

An individual employed in a professional environment who typically performs administrative, clerical, or managerial tasks.

Individual Resistance

Actions or attitudes adopted by a person to oppose or defy existing norms, processes, or structures perceived as unjust or oppressive.

Cubicle

A partially enclosed office workspace that is sectioned off from neighboring workspaces by partitions, commonly used to maximize use of space and provide employees with a semblance of privacy.

Child Labor

The employment of children in any work that deprives them of their childhood, interferes with their ability to attend regular school, and is mentally, physically, socially, or morally harmful.