A black market
Not what you're looking for?
A black market is:
a)Something that happens when producers sell goods for a greater price than the government mandated price ceiling.
b)A characteristic of a surplus or excess supply condition.
c)Legal but frowned upon by economists who feel it violates consumer sovereignty.
d)None of the above.
The marginal rate of substitution:
a)Is constant at all points on the budget line.
b)Increases in absolute value as one moves southeast along an indifference curve.
c)Decreases in absolute value as one moves southeast along an indifference curve.
d)May increase or decrease in absolute value as one moves southeast along an indifference curve, depending upon whether the substitution or income effect is dominant.
Purchase this Solution
Solution Summary
Response discusses about the black market
Solution Preview
A black market is:
a)Something that happens when producers sell goods for a greater price than the government mandated price ceiling.
It happens when the producer sells at prices higher than ...
Purchase this Solution
Free BrainMass Quizzes
Basics of Economics
Quiz will help you to review some basics of microeconomics and macroeconomics which are often not understood.
Pricing Strategies
Discussion about various pricing techniques of profit-seeking firms.
Economics, Basic Concepts, Demand-Supply-Equilibrium
The quiz tests the basic concepts of demand, supply, and equilibrium in a free market.
Elementary Microeconomics
This quiz reviews the basic concept of supply and demand analysis.
Economic Issues and Concepts
This quiz provides a review of the basic microeconomic concepts. Students can test their understanding of major economic issues.