When are black markets likely to arise?
A) when the government removes a price floor
B) when the government enforces a price ceiling
C) when there is a surplus of a good
D) when the quantity supplied of a good exceeds the quantity demanded
B
Economics
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To affect the market outcome, a price floor
A) must be set above the black market price. B) must be set above the legal price. C) must be set above the price ceiling. D) must be set above the equilibrium price.
Economics
During the last 30 years computers have changed most production processes. Use an isocost-isoquant diagram to show the effect the spread of computers have had on labor during the last 30 years.
What will be an ideal response?
Economics