For a Previously Illegal Good, Decriminalization Will Cause

question 10

Multiple Choice

For a previously illegal good, decriminalization will cause

• A)demand to increase.
• B)demand to become less elastic.
• C)supply to become less elastic.
• D)price to fall, unambiguously.

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Definitions:

Demand Factors

Factors that determine consumers’ willingness and ability to pay for products and services.

Global Economy

The interconnected world economy where goods, services, and labor are exchanged across international borders.

Spreadsheet Simulation

A technique involving the use of spreadsheet software to model and analyze complex systems or processes.

Target Return

A pricing strategy where the price is set based on a desired return on investment or profit margin.