If there is an increase in price of petrol, there would be a movement along the demand curve and a smaller quantity would be bought.
Liquidated Damages: These types of damages are awarded when there is a provision in a contract which states the amount of damages that shall be awarded in the event of a breach. Liquidated damages cannot be used as punishment to a party or to harm the party for the breach.
Illinois has flip-flopped as to whether non-economic damages are allowable in medical malpractice cases. Non-economic damages include general damages for emotional distress, pain and suffering, and loss of companionship and consortium. In 1995, the Illinois legislature set a $500,000 cap on non-economic damages.