What do you think would be the effect on the equilibrium price and quantity of marijuana as a result of its consumption being legalized?

Equilibrium price will decrease; quantity demanded will increases.

Explanation:

The equilibrium price is the prevailing market price of a commodity. The price of marijuana will drop should it be legalized. Generally, commodities in the black markets trade at high prices due to the risk involved in making them available. They are expensive due to limited supply. Bulk supply of illegal marijuana is challenging to achieve due to legal restrictions.

Should marijuana be legalized, restrictions in its supply chain will go leading to increased supply and lower prices. Legalization will increase demand. Potential customers who stayed away due to its illegality will be free to consume. Existing customers are likely to increase consumption due to lower prices. Legalization will also cause excitement in the market; many experimental users will cause the demand to rise.