Assume There Are Three Hardware Stores,each Willing to Sell One

question 7

Multiple Choice

Assume there are three hardware stores,each willing to sell one standard model hammer in a given time period.House Depot can offer their hammer for a minimum of $7.Lace Hardware can offer the hammer for a minimum of $10.Bob's Hardware store can offer the hammer at a minimum price of $13. Given the scenario described,if the market price of hammers increased from $7 to $11:

• A) more producers would participate in the market.
• B) only Bob's Hardware would lose surplus.
• C) both Bob's Hardware and Lace Hardware would lose surplus.
• D) House Depot is the only producer that will gain surplus.

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Definitions:

Digestive System

A collection of organs that breaks down food into nutrients, which the body uses for energy, growth, and cell repair.

Subphylum Urochordata

A subphylum of chordates that includes marine animals known as tunicates or sea squirts, having a notochord only during their larval stage.

Phylum Echinodermata

A group of marine animals characterized by radially symmetrical body plans, a water vascular system, and a calcified skin, including stars, sea urchins, and cucumbers.

Phylum Chordata

The Phylum Chordata encompasses animals with a notochord, a dorsal nerve cord, pharyngeal slits, and a post-anal tail at some point in their development.