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 $11:
A. total producer surplus would increase by $3.
B. total producer surplus would increase by $9.
C. total producer surplus would increase by $4.
D. total producer surplus would increase by $6.
Answer: C
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Which of the following should be used to compare the incomes of countries with equal population but different unemployment rates?
A) Gross national product B) PPP-based measure of income per capita C) Income per worker D) Exchange rate-based measure of income per capita
A global network that provides knowledge and resources to developing countries is called the:
A. World Bank. B. International Resource Fund. C. United Nations Development Program. D. World Trade Organization.
Successive monopolies can earn larger profits by operating independently rather than working together or cooperating
Indicate whether the statement is true or false
An international organization providing low-cost loans and grants to developing nations is the
a. International Monetary Fund. b. Group of Seven. c. World Bank. d. United Nations.