Here are three possible definitions of "Compensating Variation": I. the amount a person would be willing to pay to avoid a price increase. II. the amount of additional income needed to allow a person to restore his or her utility back to its initial level after it has been reduced by a price increase. III. the amount of income that a person who experienced a price increase would be willing to pay

Quantity supplied means

A) the amount of a good consumers plan to purchase. B) the amount of a good suppliers plan to sell at a given price. C) the only level of output that producers can produce. D) the same thing as "supply."

Which of the following will improve your bargaining position when contracting with a supplier

a. You are better able to accommodate other suppliers' brands b. You must only buy the raw material from your preferred supplier to ensure quality c. Two of your suppliers merge d. Your final product that includes this component becomes more profitable