Which of the following would lead to an increase in the price of leather? 1. Harsher penalties for cattle theft 2. A decrease in the population of Texas leading to lower demand for cowboy boots 3. An increase in the quality of fake leather 4. A decrease in the demand for steak

Macroeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506756
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter3: Demand, Supply, And The Market Proces
Section: Chapter Questions
Problem 1CQ
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Which of the following would lead to an increase in the price of leather?

1. Harsher penalties for cattle theft

2. A decrease in the population of Texas leading to lower demand for cowboy boots

3. An increase in the quality of fake leather

4. A decrease in the demand for steak

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