18. Consider the market for leather jackets. If leather workers form a union and demand higher wages, this will: (A ( ) decrease the supply of leather jackets B) decrease the demand for leather jackets ) ) (C increase the supply of leather jackets (D decrease both the supply and demand for leather jackets 19. Which application of Skin in the Game did we cover during lectures? (A Having universities underwrite student loans. ) (B) Firing journalists for publishing fake news. (0) Malpractice lawsuits for surgeons. ) (D Giving teachers and professors tenure. 20. Which of the following goods has the lowest price elasticity of demand? (A Netix subscriptions B A ) ) Cigarettes (C) Italian gloves ) (D Porsche automobiles 21. The demand for textbooks is price inelastic. Which of the following would explain this? (A Many alternative textbooks can be used as substitutes (B Students have a lot of time to adjust for price changes ) ) (C) Textbooks are normal goods ) (D The good is a necessity