Exam #2 Essays - Romana S Hai Micro Economics 002 Essays...

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Romana S. Hai Micro Economics 002  Essays Submitted: 2. Debate over legalization of addictive drugs 3 .  Consumer sovereignty
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2. Debate over legalization of addictive drugs  (chapter 20) 2a. Speculate on the reasons why the price of heroin (an illegal drug) is so high. The laws in the United States make the use of heroin illegal. If these laws were not in  place, the use of heroin would be more probable and the cost would not be so high. If  heroin became legal then the price of the drug would drop significantly. The United  States laws limit the supply of heroin in order to keep people healthy and strong. Without  the establishment of these laws, people would buy, use, and become strongly addicted to  heroin. Having heroin is considered a rarity, so to have heroin available to the public, this  leads to the prices skyrocketing.  2b. Speculate on why demand for illegal drugs such as heroin remains high despite the  high price. The demand for illegal drugs such as heroin and cocaine reminds high despite the high  prices because of the affect it has on people. Drugs are highly addictive and drugs usually  become a necessity in a person’s life. When a drug becomes a necessity the demand for it  increases. If the demand for a drug increases, this gives the drug dealer the power to raise  prices to make a larger profit. Since drugs are so addictive and they becomes essential to 
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