Refer to the above figure. A price ceiling has been set at P1, and a black market has opened. The equilibrium black market quantity will be

In equilibrium, all traded goods sell at the same price internationally because of

a) government intervention B) arbitrage C) the fact that the underlying value is the same everywhere D) none of the above

Which of the following firms has unlimited liability?

A) only proprietorships B) only partnerships C) only corporations D) both proprietorships and partnerships