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If a minor buys an item and then disaffirms the contract,and a court orders the minor to merely return the item in its present condition in order to get a refund,this minor has the duty of:
External Costs
Costs incurred by third parties who are not involved in a transaction, often leading to market failure if not properly accounted for.
Perfect Information
A market condition where all participants have complete and identical information about the product, including its price and quality.
Minimum Imposed Price
An external intervention (usually by the government) to set a price floor, preventing the market price from falling below a certain level.
Consumers
Individuals or groups that purchase goods or services for personal use.
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