Answer:
d.
Explanation:
These advocates believe that
d. demand for marijuana is inelastic
According to the advocates marijuana legalization argue that this would significantly reduce the amount of revenue going to the criminal organizations that currently supply marijuana.
Inelastic demand in economics means that people buy the product in same amount whether price rises or drops.
Governments apply a Minimum Wage policy on Businesses to ensure the employees working for the businesses do not get exploited and get paid fairly. The trade off here is that with the Minimum Wage law in effect the businesses would face an increase in labor costs, since they gotta pay them more than if there was no Minimum Wage law, and businesses would lose out on some profit due to this increase in labor costs. To reduce these costs businesses might let go of some employees, either by firing them or making them redundant (either way the employee is losing the job) and this increases the Unemployment Rate in the country which the government does not like, as one of the government’s aims is to keep the Unemployment Rate low in their country but with their Minimum Wage law in effect they keep the businesses in check to ensure they don’t exploit their workers but they end up increasing the Unemployment Rate due to Businesses trying to retain (get back) some of their lost profit (that they lost due to the government’s Minimum Wage law).
C) Natural concepts
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Communism is mostly linked to repression because of the Soviet Union. The connection can be seen because it is against human nature to want to share all earning absolutely equally, so in order to get people to do this the government must step in and repress.
The vertical, long-run aggregate supply curve indicates that the long-run level of economic output is dependent upon stock of productive factors. The supply curve illustrates the relationship between the price of an item or service and the volume delivered over a specific time period.
In a typical scenario, the amount supplied will be shown on the horizontal axis and the price will be shown on the left vertical axis. For the products with greater elastic supply, the supply curve is shallower near to horizontal factors, whereas for products with less elastic supply, the supply curve is steeper the closer to vertical.
To learn more about supply, click here.
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