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If the demand for currently illegal recreational drugs is highly inelastic and these drugs became legal, prices would fall. An economist would expect which of the following to happen in response to the lower price?
T-Score
A standardized score that indicates how many standard deviations an element is from the mean.
Confidence Estimate
A range of values used to estimate a parameter, calculated in such a way that it is likely, to a specified level of confidence, to contain the true value of the parameter.
Confidence Interval
A set of values, calculated from sample statistics, predicted to hold the value of an unobserved population parameter.
Standard Deviation
A measure of the amount of variation or dispersion of a set of values, indicating how much the values differ from the mean.
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