Answer:
- The presence of a duty. We all have a duty to take steps to prevent injury from occurring to other people.
- The breach of a duty. The defendant must have failed to live up to his duty to prevent injury from occurring to you.
- An injury. You were injured.
- The injury resulted from the breach.
Explanation:
Hope this helps.
Answer:
a. in the absence of transaction costs, private parties can solve the problem of externalities on their own.
Explanation:
The Coase Theorem is a theorom used in economics that states that when there are complete competetive markets with no transaction costs, an efficient set of inputs and outputs to and from production-optimal distribution will be selected. It is a method of tackling the inefficiency caused by the externality by awarding property rights to the externality to one party and allowing the other parties to bargain their way to an efficient solution.
Answer:
shifts from innovative to functional products
Answer: Equilibrium price rises.
Explanation:
(a) Pen and pencil are substitute goods. So, if the price of pencil increases the demand for pens increases which shifts the demand curve rightwards and hence, equilibrium price rises.
(b) There is a direct relationship between the income of an individual and demand for normal goods. If there is an increase in the income of the consumer as a result demand also increases which increases the equilibrium prices.
(c) Writing in ink becomes fashionable, people expect the price of pens to rise in the near future and the population increases will lead to increases the demand for pens which which shifts the demand curve rightwards and hence, equilibrium price rises.
(d) Wages of pen-makers increase will increase the cost of production and hence increases the equilibrium price of pens.
