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

question 29

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 $8 to $12,producer surplus would:

• A) increase from $8 to $12.
• B) increase by $4 for each producer.
• C) increase by $4 for House Depot.
• D) increase by $7 in total.

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