An illegal market in which the equilibrium price exceeds the price ceiling is
A)a rental market.
B)a capital market.
C)a black market.
D)an efficient market.
E)a housing market.

Question

Quizplus · Accepted Answer

A black market is an illegal market where goods or services are traded at prices higher than the legal prices. In such a market, the equilibrium price exceeds the price ceiling that is imposed by the government or other regulatory authorities. Examples of black markets include the sale of illegal drugs, smuggled goods, or counterfeit products. The demand for such products is often high, and people are willing to pay a higher price to obtain them, creating a price ceiling that cannot be maintained in a legal market.

An Illegal Market in Which the Equilibrium Price Exceeds the Price