Assume There Are Three Hardware Stores, Each Willing to Sell

question 26

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 $9 to $12, total producer surplus would increase by:

• A) $1.
• B) $3.
• C) $5.
• D) $7.

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