Say the price of a cowboy hat is $100 . Willie can produce a cowboy hat at a marginal cost of $130, Waylon can produce them at a marginal cost of $100, and Merle can produce the hats at a marginal cost of $85. Of the following statements, which is true? Question 5 options: The sum of producer surplus is $15. The sum of producer surplus is $45. All three of these sellers will gain producer surplus from selling a hat. The sum of producer surplus is $30. Willie's producer surplus is $30.

Say the price of a cowboy hat is $100 . Willie can produce a cowboy hat at a marginal cost of $130, Waylon can produce them at a marginal cost of $100, and Merle can produce the hats at a marginal cost of $85. Of the following statements, which is true? Question 5 options: The sum of producer surplus is $15. The sum of producer surplus is $45. All three of these sellers will gain producer surplus from selling a hat. The sum of producer surplus is $30. Willie's producer surplus is $30.

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter24: Perfect Competition

Section: Chapter Questions

Problem 10E

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	The sum of producer surplus is $15.
	The sum of producer surplus is $45.
	All three of these sellers will gain producer surplus from selling a hat.
	The sum of producer surplus is $30.
	Willie's producer surplus is $30.