5 Questions
What happens to human behavior when the cost of something falls?
Human behavior becomes more attracted to it.
Give an example of how people react to a decrease in the cost of something.
People shop and buy things that they previously weren't willing to buy.
What happens when the cost of something goes up?
People use less of it.
What was the estimated effect of a 10 percent decrease in the street price of cocaine?
The number of adult cocaine users would grow by about 10 percent.
What was the estimated effect of a proposed increase in the price of cigarettes?
It would have reduced the number of teenage smokers by a quarter, leading to 1.3 million fewer smoking-related premature deaths.
"Understanding the Impact of Costs on Human Behavior" - Test your knowledge on how costs influence our behavior in this quiz. Explore the concept of demand curves and discover how changes in prices impact our consumption habits. Gain insights into the relationship between cost and demand through real-life examples and scenarios.
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