Explain what a black market is and how it functions. What is a black market generally a response to?
What will be an ideal response?
It is a market in which illegal trading takes place at market-determined prices. It's usually the result of the government imposing a price ceiling which results in a shortage of that particular product. The black market is a way for consumers and firms to get around the restriction.
Economics
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In the above, which figure(s) show(s) a relationship between the variables that is always negative?
A) Figure A only B) Figure D only C) Figures A and C D) Figures A, C, and D E) Figure B only
Economics
Information
A) is difficult to own. B) is never a separate attribute of a product. C) is easy to connect to physical product. D) is not scarce in the knowledge economy.
Economics