The table above lists the marginal cost of cowboy hats by The Waco Kid, a firm that specializes in producing western wear. If the market price of The Waco Kid's cowboy hats is $40,

Group of answer choices

there will be a surplus; as a result, the price will fall to $24.

The Waco Kid will produce four hats.

producer surplus from the first hat is $40.

producer surplus will equal

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