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 $6 to $7, what would happen to total producer surplus?
A) It would increase.
B) It would remain unchanged.
C) It would decrease.
D) We cannot determine this with the information given.

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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 $6 to $7, what would happen to total producer surplus?
A) It would increase.
B) It would remain unchanged.
C) It would decrease.
D) We cannot determine this with the information given.

Assume There Are Three Hardware Stores, Each Willing to Sell