My Summer Vacation
Media Type: Music Topic: Incentives, Behavioral Economics
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In “My Summer Vacation,” Ice Cube describes selling drugs in St. Louis. Why were financial profits so much higher in St. Louis in the short-run than in Los Angeles? What happened to the profitability (loosely defined) of this activity in the long-run? Does the illegality of the market change anything about the incentives to enter and the required profit rates needed to stay in business?
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