Asked by
Olivia Munroe
on Dec 11, 2024Verified
A black market is
A) a market that operates outside the legal system, either by selling illegal goods or by selling goods at illegal prices.
B) a market where goods and services can be obtained at lower prices.
C) a government-mandated market where controls are placed on prices.
D) a market where exchanges are made using bartering.
Black Market
Illegal trade of goods and services, beyond government control, where transactions typically occur “under the table” to avoid taxes or regulations.
Illegal Goods
Products or services whose production, sale, or possession is prohibited by law.
Legal System
A legal system encompasses the rules, statutes, and regulations instituted by a government to regulate behaviors, enforce rights, and resolve disputes.
- Understand the influence of government actions, including price limits and levies, on the outcomes within markets.
Verified Answer
RN
Learning Objectives
- Understand the influence of government actions, including price limits and levies, on the outcomes within markets.