Mending Marijuana

Illegal drugs are roughly a $300 billion/year global industry and reducing supply has always been the preferred mode of combating them. Regrettably, the combination of very inelastic demand (meaning buyers are unresponsive to price changes primarily because the drugs are addictive) and each gang being the sole buyers of the illegal crops grown by the farmers in their area, prevents supply changes from substantially altering demand. Thus, progress is futile.

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  1. steve says:

    No point on the price curve matters? And at what point would the falling supply effect prices?
    If demand is constant, what happens when the supply is increased?

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