(SOLVED) Competition drives prices down to costs

whereas monopolies pric

Competition drives prices down to costs, whereas monopolies price above cost. California
banks have paid large damages for allegedly charging fees greater than the cost of certain
services that they provide. Suppose a car manufacturer charges an additional $450 for an
automatic transmission in a new car. What inefficiencies would […]

I want to build a garage in my backyard. My neighbor’s driveway offers the only practical way to
reach the proposed garage. I offer to purchase an easement from my neighbor, thus giving me
the right to share her driveway. Economists describe the relationship between my neighbor and
me as […]

Suppose that the seller is very attached to her home and wishes to sell only to someone who
will maintain the property as a single family dwelling. A prospective buyer says that he, too,
wants to use the property as a single-family dwelling. The sale is completed, and the seller […]

In Raffles v. Wichelhaus, 2 Hurl. & C. 906, 159 Eng. Rep. 375 (Ex. 1864), the plaintiff sold the
defendants 125 bales of cotton to arrive “ex Peerless from Bombay,” that is, by way of the ship
Peerless sailing from Bombay, India. A ship by that name sailed from India […]

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A house catches on fire. The fire is extinguished by the combined efforts of (1) professional
firefighters, (2) volunteer firefighters who help the professionals, and (3) passersby who
spontaneously help the professionals and volunteers. The owner of the house makes various
promises to induce the help of the three groups. […]

At time 0, the buyer pays for the seller’s promise to deliver good g at time 2, where g is a
differentiated good. Assume that the numbers given in the preceding question indicate the price
of the closest substitute (which is not very close) and the extent of the buyer’s […]

Restraining reliance before breach reduces the harm that it causes. “Mitigating” damages after
breach also reduces the harm that it causes. In the Waffle Shop case, for example, Yvonne can
mitigate harm by reselling the supplemental food order to another restaurant. The common law
requires the promisee to mitigate damages. […]

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