There has been much discussion over whether marijuana should be legalized. Assume that if it becomes legal the price will be cut in half. Given your text estimate of -1.0 price elasticity for marijuana, what would you expect to be the change in marijuana usage?
A) It will be cut in half.
B) It will not change.
C) It will double.
D) It will increase by 50%.
Correct Answer:
Verified
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