The Equivalent Variation for an increase in the price of a good is
A) the reduction in a consumer's income necessary to harm the consumer by as much as the price increase.
B) the increase in a consumer's income necessary to eliminate the consumer's harm from a price increase.
C) the change in consumer surplus resulting from a price increase.
D) the amount of money a consumer would accept to be subject to a price increase.
Question 2
Suppose in the ice-cream market with 10 firms, the elasticity of market demand is -1, and each firm has a constant marginal cost at 2. The Nash-Cournot equilibrium price is
A) 2.
B) 2.2.
C) 2.4.
D) 2.5.
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