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.
Non-Economic damages usually refers to âPain and Sufferingâ which is the legal term for the physical and emotional stress caused from an injury. Physical pain, mental suffering, emotional distress, and loss of consortium (loss of spousal companionship and services) are some examples of Non-Economic damages.