Given the scenario described, if the market price of hammers increased from $8 to $14, total 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 $14.
B. increase from $1 to $12.
C. decrease from $14 to $8.
D. increase from $7 to $30.
B. increase from $1 to $12.
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Approaching a business cycle peak, actual real GDP ________ natural real GDP, which causes inflation to ________
A) exceeds, remain constant B) exceeds, accelerate C) is less than, decelerate D) equals, accelerate E) equals, remain constant
There was a silver lining during the Great Depression. Compared to other periods in U.S. history, this period was one of the most technologically advanced
Indicate whether the statement is true or false