Recall the Application About the Decrease in Price of Illegal

question 98

Multiple Choice

Recall the Application about the decrease in price of illegal drugs in the United States to answer the following question(s) .
-Recall the Application. If the decrease in price of illegal drugs is primarily due to a change in supply, the equilibrium quantity of drugs

• A) will increase.
• B) will decrease.
• C) will not change.
• D) may or may not change.

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Definitions:

Consideration

A fundamental requirement for the formation of a legally binding contract, involving an exchange of something of value between the parties.

Promisor

An individual or entity that makes a promise or commitment in a contract to perform some specified action in the future.

Promisee

The person to whom a promise is made in a contract, to whom the promisor has an obligation.

Promissory Estoppel

A legal principle that prevents a person from going back on a promise, even if it was not formally made as a contract, if it was reasonable to rely on that promise and doing so caused harm.