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:

Inelastic Supply

Characterizes a situation where the quantity supplied of a good is not significantly changed by the price of that good.

Antiques

Objects of considerable age valued for their artistic, historical, or collectible qualities.

Pricing Power

The ability of a company or an entity to dictate the price of its goods or services without losing market share to competitors.

Elasticities of Demand

Refers to various measures of how the quantity demanded of a good responds to changes in prices, income, or other goods' prices.