Asked by Corinna Vogel on Apr 25, 2024
In a "black market,"
A) suppliers take advantage of buyers.
B) price is illegally below market price.
C) illegal trading at market prices takes place.
D) only illegal goods and services are traded.
Black Market
A market in which illegal trading takes place at market-determined prices.
Market Price
The present cost at which a service or asset is available for purchase or sale in the market.
Illegal Trading
The act of buying or selling goods or services that is not permitted by law, often involving prohibited items or violating trade regulations.
- Explain the conditions under which black markets may arise and their characteristics.
Learning Objectives
- Explain the conditions under which black markets may arise and their characteristics.