Given the scenario described, if the market price of hammers increased from $8 to $12, producer surplus would:
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. 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.
C. increase by $4 for House Depot.
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Monopsony means a product market with single buyer
a. True b. False Indicate whether the statement is true or false