Extensive medical research has concluded that using tobacco is harmful to your health. As a result, fewer Americans use tobacco today than they did 40 years ago. Economists would say that this change in _____ decreased the demand for tobacco, all else equal.   a. tastes   b. incomes   c. the price of a substitute product   d. the price of a complementary product

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
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QUESTION 28

  1. Extensive medical research has concluded that using tobacco is harmful to your health. As a result, fewer Americans use tobacco today than they did 40 years ago. Economists would say that this change in _____ decreased the demand for tobacco, all else equal.
      a.
    tastes
      b.
    incomes
      c.
    the price of a substitute product
      d.
    the price of a complementary product
     

 

QUESTION 29

  1. Which of the following is a curve that illustrates the relationship between the price of a good and the quantity that people are willing to buy at each price?
      a.
    diminishing marginal benefit
      b.
    the supply curve
      c.
    utility
      d.
    the demand curve
     

 

QUESTION 30

  1. Which of the following would decrease the supply of leather boots?
      a.
    a decrease in the price of leather boots
      b.
    an increase in the price of leather
      c.
    better technology in boot production methods
      d.
    a decrease in the price of sewing machines used to sew boots together
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