Reference no: EM132503551
In Chicago, one of America's most violent cities, drug arrests have plummeted 42% in the weeks since the city shut down, compared with the same period last year. Part of that decrease, some criminal lawyers say, is that drug dealers have no choice but to wait out the economic slump.
"The feedback I'm getting is that they aren't able to move, to sell anything anywhere," said Joseph Lopez, a criminal lawyer in Chicago who represents reputed drug dealers.
Overall, Chicago's crime declined 10% after the pandemic struck, a trend playing out globally as cities report stunning crime drops in the weeks since measures were put into place to slow the spread of the virus. Even among regions that have the highest levels of violence outside a war zone, fewer people are being killed and fewer robberies are taking place.
Using the logic of supply and demand, explain what is happening in the illegal drug market used by casual users and the market used by addicts. Make sure your answer addresses the following question:
- What has COVID-19 changed in each market (the market for causal users and the market for addicts) and how has it changed equilibria?