QUESTION 28Extensive 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 29Which 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 30Which 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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Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter5: Elastic And Its Application

Section: Chapter Questions

Problem 5PA

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QUESTION 28

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

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

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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