On the Seller's Breach, If the Buyer Makes Substitute Purchases

question 53

True/False

On the seller's breach, if the buyer makes substitute purchases in good faith and without unreasonable delay, she may recover, as damages, the difference between the cost of cover and the contract price, plus incidental damages but minus any expenses she saved because of the seller's breach.

Understand the concept of consumer surplus and how it can be affected by price changes.

Discuss income effects and substitution effects in the context of consumer choice.

Calculate and interpret income elasticity of demand.

Relate the concepts of price elasticity, income elasticity, and consumer choice to real-world examples.

---

Definitions:

Epiglottis

A flap of cartilage at the root of the tongue, which is depressed during swallowing to cover the opening of the windpipe.

Uvula

A small fleshy extension at the back of the soft palate which hangs above the throat and plays a role in speech and swallowing.

Upper Esophageal Sphincter

The muscular ring located at the top of the esophagus that controls the passage of food into the esophagus from the throat.

Pharyngeal Phase

A phase in the swallowing process where the bolus is moved from the mouth to the esophagus involving the contraction of pharyngeal muscles.