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

question 35

Multiple Choice

If marijuana were legalized,it is likely that there would be an increase in the supply of marijuana.Advocates of marijuana legalization argue that this would significantly reduce the amount of revenue going to the criminal organizations that currently supply marijuana.These advocates believe that the

• A)supply for marijuana is elastic.
• B)demand for marijuana is elastic.
• C)supply for marijuana is inelastic.
• D)demand for marijuana is inelastic.

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Definitions:

Relative Change

The measure of how much a variable changes in proportion to a reference amount.

Elastic

Elastic refers to the responsiveness of the quantity demanded or supplied of a good or service to a change in its price.

Price Elasticity

Price elasticity refers to the responsiveness of the quantity demanded or supplied of a good or service to a change in its price.

Demand Schedule

A chart displaying the amounts of a product or service that buyers are ready and capable of purchasing at different price levels.