-Refer to the above figure. A price ceiling has been set at P₁, and a black market has opened. The equilibrium black market price will be
A)below P₁.
B)between P₁ and P₃.
C)above P₃.
D)P₂.

Question

-Refer to the above figure. A price ceiling has been set at P₁, and a black market has opened. The equilibrium black market price will be
A)below P₁. 
B)between P₁ and P₃. 
C)above P₃. 
D)P₂.

Quizplus · Accepted Answer

The Answer of 
-Refer to the above figure. A price ceiling has been set at P₁, and a black market has opened. The equilibrium black market price will be
A)below P₁. 
B)between P₁ and P₃. 
C)above P₃. 
D)P₂.

-Refer to the Above Figure