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In terms of standard economic theory, discuss the monopoly and other models that explain the supply of illicit drugs. Discuss the different views of price

  1. In terms of standard economic theory, discuss the monopoly and other models that explain the supply of illicit drugs.
  2. Discuss the different views of price elasticity of demand with regard to addictive consumption.
  3. Explain why the economics of prohibition depends upon the microeconomic theories of behavior (hint: rational or non-rational behavior).

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