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

question 61

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 $9 to $13:

• A) producer surplus would increase for each producer.
• B) producer surplus would increase only for House Depot.
• C) producer surplus would remain unchanged for Bob's Hardware.
• D) producer surplus would increase by $4 for Lace Hardware.

---

Definitions:

Blood Type A

A blood group in the ABO blood typing system, characterized by the presence of the A antigen on the surface of red blood cells.

Joint Frequency Distribution

a table showing the frequency of two or more variables occurring together in a set of observations.

Female

Referring to the sex of an organism, or part of an organism, which is characteristic of producing non-mobile ova (egg cells) and typically possessing XX chromosomes in mammals.

At Most

A term used to indicate a maximum limit or boundary in mathematical expressions or everyday language.