John and Steve Are Roommates at Siberian University

question 16

Essay

John and Steve are roommates at Siberian University. They are planning to have a party this coming weekend and need to go shopping for snacks. They know all of their friends like nacho cheese flavored tortilla chips, so that is the only type of snack they plan to buy. After pooling their cash, they take $18 and head out to the nearest grocery store. Walking down the chip aisle, they fill their cart with 6 bags of Tostada brand chips at $3 per 14-ounce bag. Continuing down the chip aisle, they see Durango brand chips are available at $2 per 14-ounce bag, so they put all of the Tostada chips back and instead purchase 9 bags of Durango chips. Is John and Steve's behavior consistent with "the law of demand"? Explain. (Extra Credit: If they hadn't changed their minds, would they have violated the law of demand?)

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Definitions:

Contract or Statute

Legal documents that establish rights and obligations; a contract is an agreement between parties, while a statute is a law enacted by a legislative body.

Vicarious Liability

A legal principle that holds an entity or individual responsible for the actions of another party, typically in an employer-employee relationship.

Personal Fault

An individual's responsibility or blame for a mistake, accident, or wrongdoing, often influencing legal judgments or penalties.

Torts Committed

Acts or omissions leading to injury or harm to someone else, resulting in legal liability for the person responsible.