Assume there are three hardware stores, each willing to sell one standard model hammer in a given time period. House Depot could offer a hammer for a minimum of $7. Lace Hardware could offer a hammer for a minimum of $10. Bob's Hardware could offer a hammer for a minimum of $13.If the market price of hammers increased from $7 to $11:
A) more producers would participate in the market.
B) only Bob's Hardware would lose surplus.
C) both Bob's Hardware and Lace Hardware would lose surplus.
D) House Depot is the only producer that would gain surplus.

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The Answer of Assume there are three hardware stores, each willing to sell one standard model hammer in a given time period. House Depot could offer a hammer for a minimum of $7. Lace Hardware could offer a hammer for a minimum of $10. Bob's Hardware could offer a hammer for a minimum of $13.If the market price of hammers increased from $7 to $11:
A) more producers would participate in the market.
B) only Bob's Hardware would lose surplus.
C) both Bob's Hardware and Lace Hardware would lose surplus.
D) House Depot is the only producer that would gain surplus.

Assume There Are Three Hardware Stores, Each Willing to Sell