A black market
A) is legal only when it is associated with government price ceilings.
B) is defined as the deadweight loss associated with taxes.
C) benefits no one.
D) is a potential outcome of a price ceiling.
E) is always legal.

Question

Quizplus · Accepted Answer

A black market is defined as an illegal market in which the buying and selling of goods or services takes place at a price above the legal price ceiling. Therefore, it is a potential outcome of a price ceiling.

A Black Market