A black market is a place where people make illegal trades in goods and services. For instance,
Question:
A “black market” is a place where people make illegal trades in goods and services. For instance, during the Soviet era, it was common for American tourists to take a few extra pairs of Levi’s jeans when visiting the Soviet Union: They would sell the extra pairs at high prices on the illegal black market.
Consider the following claim: “Price-controlled markets tend to create black markets.” Let’s illustrate with the following figure. If there is a price ceiling in the market for cancer medication of $50 per pill, what is the widest price range within which you can definitely find both a buyer and a seller who would be willing to illegally exchange a pill for money?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 62% (8 reviews)
The total gains from trade if trade is allowed are 35 these gai...View the full answer
Answered By
Ashington Waweru
I am a lecturer, research writer and also a qualified financial analyst and accountant. I am qualified and articulate in many disciplines including English, Accounting, Finance, Quantitative spreadsheet analysis, Economics, and Statistics. I am an expert with sixteen years of experience in online industry-related work. I have a master's in business administration and a bachelor’s degree in education, accounting, and economics options.
I am a writer and proofreading expert with sixteen years of experience in online writing, proofreading, and text editing. I have vast knowledge and experience in writing techniques and styles such as APA, ASA, MLA, Chicago, Turabian, IEEE, and many others.
I am also an online blogger and research writer with sixteen years of writing and proofreading articles and reports. I have written many scripts and articles for blogs, and I also specialize in search engine
I have sixteen years of experience in Excel data entry, Excel data analysis, R-studio quantitative analysis, SPSS quantitative analysis, research writing, and proofreading articles and reports. I will deliver the highest quality online and offline Excel, R, SPSS, and other spreadsheet solutions within your operational deadlines. I have also compiled many original Excel quantitative and text spreadsheets which solve client’s problems in my research writing career.
I have extensive enterprise resource planning accounting, financial modeling, financial reporting, and company analysis: customer relationship management, enterprise resource planning, financial accounting projects, and corporate finance.
I am articulate in psychology, engineering, nursing, counseling, project management, accounting, finance, quantitative spreadsheet analysis, statistical and economic analysis, among many other industry fields and academic disciplines. I work to solve problems and provide accurate and credible solutions and research reports in all industries in the global economy.
I have taught and conducted masters and Ph.D. thesis research for specialists in Quantitative finance, Financial Accounting, Actuarial science, Macroeconomics, Microeconomics, Risk Management, Managerial Economics, Engineering Economics, Financial economics, Taxation and many other disciplines including water engineering, psychology, e-commerce, mechanical engineering, leadership and many others.
I have developed many courses on online websites like Teachable and Thinkific. I also developed an accounting reporting automation software project for Utafiti sacco located at ILRI Uthiru Kenya when I was working there in year 2001.
I am a mature, self-motivated worker who delivers high-quality, on-time reports which solve client’s problems accurately.
I have written many academic and professional industry research papers and tutored many clients from college to university undergraduate, master's and Ph.D. students, and corporate professionals. I anticipate your hiring me.
I know I will deliver the highest quality work you will find anywhere to award me your project work. Please note that I am looking for a long-term work relationship with you. I look forward to you delivering the best service to you.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
A black market is a place where people make illegal trades in goods and services. For instance, during the Soviet era, it was common for American tourists to take a few extra pairs of Levis jeans...
-
There are certain classes of goods and services for which demand always exceeds supply, for example, tickets to the Super Bowl, World Cup Final or dinner reservations for 8pm Saturday evening at the...
-
The portion of a program within which you can reference a variable is the variables_____________. a. Scope b. Space c. Domain d. Range
-
1. You are required to compare the results of your printed reports and the results of reports of the MYOB assignment book in your MYOB assignment. If it is assumed that two results of the reports are...
-
Access the Newnan, GA Temps file on the text CD, which reports the average annual temperatures during the 20th century for Newnan, Georgia. Construct a time plot to investigate a possible trend over...
-
What are the elements of a security program, according to NIST SP 800-14?
-
The Following T account is a summary of the cash account of Ann Company. For Amy Company what amount of net cash provided (used) by financing activities should be reported in the statement ol cash...
-
Vidya Patel operates a newspaper stand in Grand Central Station, New York. As you might imagine, space is at a tremendous premium, and Vidya uses every inch of her 300 cubic feet (think in three...
-
The payroll register of Seaside Architecture Company indicates sasa of social security taxes and $217 of Medicare taxes withheld on total salaries of $15,400 for the period. Assume eamings subject to...
-
Construct a rough retirement budget. Adjust the average social security check of $1,422 at 2% inflation until your retirement date. Do the same with your expenses. Determine the difference between...
-
The city of Mumbai in India imposed rent controls on apartments in 1947. Despite inflation and changes in land value, allowable rents have hardly increased since that time! Use what you know about...
-
Go to the FRED economic database (https://fred.stlouisfed.org/) and search for percent hourly paid minimum wage. a. In 2015, what percent of hourly workers were paid the minimum wage or less? b....
-
For the following exercises, solve for the desired quantity. A stuffed animal business has a total cost of production C = 12x + 30 and a revenue function R = 20x. Find the break-even point.
-
Consider the compression of a spring by placing a large mass on it. The degree to which the spring compresses is related to its spring constant, k. The force exerted by the spring on the mass is...
-
Nominal variable: Record everyones eye color and create a frequency table, a pie chart, and a one-variable bar chart to display the information. Numerical variable: Each person provides information...
-
A \([0 / 90]_{\mathrm{S}}\) laminate is subjected to a single bending moment per unit length, \(M_{x}\). If the laminate is unconstrained, so that bending along both the \(x\) and the \(y\)...
-
For each variable, suggest ways of collecting data so that the data are at the nominal, ordinal, interval-ratio (numerical), and dichotomous/binary levels of measurement. Note any situations that...
-
Identify some conceptual variables that present interesting challenges to operationalization and discuss them. Pair off, and, in each pair, develop a hypothesis that links your two variables in a...
-
Pix Company has the following production data for March: no beginning work in process, units started and completed 30,000, and ending work in process 5,000 units that are 100% complete for materials...
-
Subprime loans have higher loss rates than many other types of loans. Explain why lenders offer subprime loans. Describe the characteristics of the typical borrower in a subprime consumer loan.
-
The market for sugar is diagrammed as follows: a. What would happen to the equilibrium quantity and price if the wages of sugar cane harvesters increased? b. What if a new study was published that...
-
For many years it was illegal to color margarine yellow (margarine is naturally white). In some states, margarine manufacturers were even required to color margarine pink! Who do you think supported...
-
Think about two products, safe cars (a heavy car such as a BMW 530xi with infrared night vision, four-wheel antilock brakes, and electronic stability control) and dangerous cars (a lightweight car...
-
Which of the following is not a component of the master budget? O Capital expenditures budget Selling and administrative expense budget Cash budget Ending inventory and cost of goods sold budget
-
Question 20 The distinction between operating and nonoperating income relates to: O Current versus noncurrent. Primary versus peripheral activities of the reporting entity. O Revenues versus...
-
Data for January for Bondi Corporation and its two major business segments, North and South, appear below. Sales revenues, North Variable expenses, North $ 561,000 $ 325,500 Traceable fixed expenses,...
Study smarter with the SolutionInn App