Given the scenario described, if the market price of hammers decreased from $15 to $10:
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.
A. total producer surplus falls by $5.
B. producer surplus for each producer falls by $5.
C. Bob's Hardware no longer sells hammers.
D. total producer surplus falls by $15.
C. Bob's Hardware no longer sells hammers.
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A market is ________ when a small number of firms compete
A) a monopoly B) perfectly competitive C) monopolistically competitive D) an oligopoly E) either monopolistically competitive or an oligopoly
A potential benefit that comes from social regulations would be
A) higher costs. B) a cleaner environment. C) higher tax collections. D) more layoffs.
Which of the following lags reduces the effectiveness of active policy?
a. Preliminary lag b. Accounting lag c. Self-correction lag d. Recognition lag e. Execution lag
If you hear that unemployment increased in the last year by 3.5 percentage points to 8 %it means:
A. 35 out of every 100 people lost their job in the last year. B. 35 out of every 1,000 people lost their job in the last year. C. 8 out of every 1,000 people who want a job can't find one. D. 80 out of every 100 people who want a job can't find one.