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

question 122

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 $12,total producer surplus would increase by:

• A) $1.
• B) $3.
• C) $5.
• D) $7.

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Definitions:

Afferent

Refers to the conveyance of sensory information from the peripheral body parts to the central nervous system.

Sensory Neuron

A type of neuron responsible for conveying information from sensory receptors towards the central nervous system.

Motor Neuron

A type of neuron that sends impulses from the brain or spinal cord to a muscle or gland, enabling movement and action.

Nerves

Bundled axons that form neural cables connecting the central nervous system with muscles glands, and sense organs.