If marijuana were legalized, it is likely that there would be an increase in the demand for marijuana. If demand for marijuana is inelastic and the supply of marijuana is perfectly elastic, this will result in
a. higher prices and higher total revenue from marijuana sales.
b. higher prices but lower total revenue from marijuana sales.
c. the same price and higher total revenue from marijuana sales.
d. the same price but lower total revenue from marijuana sales.
c
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The AR(p) model
A) is defined as Yt = ?0 + ?pYt-p + ut. B) represents Yt as a linear function of p of its lagged values. C) can be represented as follows: Yt = ?0 + ?1Xt + ?pYt-p + ut. D) can be written as Yt = ?0 + ?1Yt-1 + ut-p.
Which of the following is a form of a direct tax?
a. Personal income tax b. Sales tax c. Excise duty d. Import tariff e. Value-added tax
If a war interrupted oil production, which of the following would most likely happen in the short run?
a. Unit costs would decrease and there would be an upward movement along the aggregate supply curve. b. Unit costs would increase and the aggregate supply curve would shift upward. c. Unit costs would increase and the aggregate supply curve would shift downward. d. Unit costs would decrease and the aggregate supply curve would shift upward. e. Unit costs would increase and there would be movement along the aggregate supply curve.
Cookies would be considered:
A. a public good. B. an artificially scarce good. C. a private good. D. a common resource.