Economists generally define economic growth as an increase in real income per capita

Monopolistically competitive sellers are price takers

a. True b. False Indicate whether the statement is true or false

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.