In 2012, Colorado and Washington became the first states to legalize marijuana for recreational use, and have since been joined by Oregon, Alaska, and Washington, D. C. In 2014, Colorado is reported to have received over $50 million in tax revenue from the sale of recreational marijuana, much of which was slated to be used for school construction. The potential for increased tax revenues and the benefits these revenues can provide has a number of other states contemplating the possible legalization of recreational-use marijuana.

Recall that efficiency means producing what people want at the least cost.

Which of the following best explains why a large company can undersell small retailers? a. large companies can offer workers lower wages because they provide more jobs. b. large companies can pay their employees less because they do unskilled jobs. c. large companies can negotiate better prices with wholesalers. d. large companies have fewer expenses associated with overhead.

Atax on the sellers of coffee will a. increase the price of coffee paid by buyers, increase the effective price of coffee received by sellers, and increase the equilibrium quantity of coffee. b. increase the price of coffee paid by buyers, increase the e ffective price of coffee received by sellers, and decrease the equilibrium quantity of coffee. c. increase the price of coffee paid by buyers, decrease the effective price of coffee received by sellers, and increase the equilibrium quantity of coffee. d. increa se the price of coffee paid by buyers, decrease the effective price of coffee received by sellers, and decrease the equilibrium quantity of coffee.

In a chapter 7 bankruptcy, a debtor: