Asked by Sarah Albertson on May 01, 2024
Verified
In a "black market," goods are traded at market determined prices.
Black Market
An illegal trading environment where goods or services are bought and sold without government authorization or oversight.
Market Determined Prices
Prices established through the interaction of supply and demand in a marketplace, reflecting the equilibrium where the quantity supplied equals the quantity demanded.
- Elucidate the notion of unlawful markets (also known as black markets) and how they are interconnected with the regulation of prices.
Verified Answer
AT
Arthur TompkinsMay 07, 2024
Final Answer :
True
Explanation :
In a black market, goods and services are traded at prices determined by supply and demand, outside of officially sanctioned channels.
Learning Objectives
- Elucidate the notion of unlawful markets (also known as black markets) and how they are interconnected with the regulation of prices.