A market in which a price-controlled good is sold at an illegally high price is known as
A) a flooring market.
B) a ceiling market.
C) a black market.
D) a supermarket.

Question

Quizplus · Accepted Answer

A black market is a market in which goods or services are sold illegally, usually in violation of price controls or rationing systems. This can occur when there is excess demand for a good that is price-controlled, or when there is a shortage of a good due to other factors, such as natural disasters or government regulations. In a black market, prices can be significantly higher than the legal price, as sellers seek to profit from the scarcity of the good.

A Market in Which a Price-Controlled Good Is Sold at an Illegally