A situation where illegal trading at market prices takes place is known in economics as a
A) smuggler's market.
B) pirate market.
C) black market.
D) command market.

Question

Quizplus · Accepted Answer

A black market refers to economic activity that takes place outside government-sanctioned channels. This typically involves the illegal trading of goods and services at market or near-market prices.

A Situation Where Illegal Trading at Market Prices Takes Place