If Marijuana Were Legalized,it Is Likely That There Would Be

question 506

Multiple Choice

If marijuana were legalized,it is likely that there would be an increase in the demand for marijuana.If demand for marijuana is price inelastic and the supply of marijuana is perfectly elastic,this will result in

• A) higher prices and higher total revenue from marijuana sales.
• B) higher prices but lower total revenue from marijuana sales.
• C) the same price and higher total revenue from marijuana sales.
• D) the same price but lower total revenue from marijuana sales.

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Definitions:

Subsidiary Ledgers

Detailed ledgers that contain information about specific accounts, supporting the amounts reported in the general ledger.