-Refer to the above figure.A price ceiling has been set at $P _ { 1 }$ ,and a black market has opened.The equilibrium black market quantity will be
A)below $\mathrm { Q } _ { 1 }$
B)above $\mathrm { Q } _ { 3 }$
C)between $\mathrm { Q } _ { 1 }$ and $\mathrm { Q } _ { 3 }$
D) $\mathrm { Q } _ { 2 }$

Question

-Refer to the above figure.A price ceiling has been set at $P _ { 1 }$ ,and a black market has opened.The equilibrium black market quantity will be
A)below $\mathrm { Q } _ { 1 }$ 
B)above $\mathrm { Q } _ { 3 }$ 
C)between $\mathrm { Q } _ { 1 }$ and $\mathrm { Q } _ { 3 }$ 
D) $\mathrm { Q } _ { 2 }$

Quizplus · Accepted Answer

A black market typically arises when a price ceiling is set below the equilibrium price, leading to a shortage. The black market quantity will be between the quantity supplied at the ceiling price ($Q_1$) and the equilibrium quantity ($Q_3$).

-Refer to the Above Figure P1P _ { 1 }P1​ ,And a Black Market Has Opened

-Refer to the Above Figure $P _ { 1 }$ ,And a Black Market Has Opened