Assume There Are Three Hardware Stores, Each Willing to Sell

question 17

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 $14, total producer surplus would increase from:

• A) $8 to $14.
• B) $1 to $12.
• C) $14 to $8.
• D) $7 to $30.

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