Given the scenario described, if the market price of hammers increased from $9 to $13:
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. House Depot's producer surplus would increase by $4.
B. Lace Hardware Hardware's producer surplus would increase by $3.
C. Bob's Hardware's producer surplus would remain unchanged.
D. All of these statements are true.
D. All of these statements are true.
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In the long run, the output of a monopolistically competitive firm
a. exceeds that of an otherwise similar perfectly competitive firm b. is less than that of an otherwise similar perfectly competitive firm c. is at the point at which LRAC is minimized d. equals that of an otherwise similar perfectly competitive firm e. is less than that of an otherwise similar monopolist
A period in which the price level is rising is experiencing
A. inflation. B. reflation. C. deflation. D. deconstruction.
If there are only two airlines that fly between Dallas and New Orleans, what will happen in the market for one airline if the other one goes out of business?
A. The demand curve will shift to the right. B. There will be a movement to the left along the initial demand curve. C. There will be a movement to the right along the initial demand curve. D. The demand curve will shift to the left.
Children of female heads of households are five times more likely to live in poverty than other children
a. True b. False