Assume There Are Three Hardware Stores, Each Willing to Sell

Multiple Choice

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 decreased from $15 to $11:

A) total producer surplus would fall by $4.
B) producer surplus would fall by $4 for each producer.
C) House Depot's producer surplus would fall by $4.
D) total producer surplus would fall by $8.