Asked by Diksha Panwar on Apr 27, 2024
Verified
A situation where illegal trading at market prices takes place is known in economics as a
A) smuggler's market.
B) pirate market.
C) black market.
D) command market.
Black Market
An illegal market where goods or services are traded without compliance with legal requirements, often including the sale of illicit goods.
Illegal Trading
Unlawful transactions of goods or services that may involve insider trading, market manipulation, or trading of illegal items.
- Describe the principle of illicit trading arenas (referred to as black markets) and their association with the imposition of price controls.
Verified Answer
VA
Vanessa AmankwahApr 30, 2024
Final Answer :
C
Explanation :
A black market refers to economic activity that takes place outside government-sanctioned channels. This typically involves the illegal trading of goods and services at market or near-market prices.
Learning Objectives
- Describe the principle of illicit trading arenas (referred to as black markets) and their association with the imposition of price controls.