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: 71% (7 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...
-
Your local movie theater uses the same group-pricing strategy described in the chapter charge different prices for adults, children, seniors, and students. However, the theater uses one additional...
-
Saturated steam at \(356 \mathrm{~K}\) condenses on a vertical tube of diameter \(5 \mathrm{~cm}\) whose surface is maintained at \(340 \mathrm{~K}\). Find the height at which the flow becomes wavy....
-
A large drug company must determine how many sales representatives to assign to each of four sales districts, the cost of having n representatives is ($80,000 + $88,000n) per year. if a rep is based...
-
How do scenario analysis frameworks facilitate the identification and assessment of emerging risks, and what methodologies can be leveraged to quantify the potential impact of such risks on...
-
As the accountant for Runson Moving Company, you are preparing the companys annual return, Form 940 and Schedule A. Use the following information to complete Form 940 and Schedule A on pages 5-40 to...
-
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....
-
In its recent annual report and related Global Responsibility Report, Starbucks provides information on company performance on several dimensions. Indicate whether the following items best fit into...
-
Jurvin Enterprises is a manufacturing company that had no beginning inventories. A subset of the transactions that it recorded during a recent month is shown below. a. $75,600 in raw materials were...
-
The December 31, 2024 balance sheet of Cullumber Co. included the following items: 10% bonds payable due December 31, 2030 $5,006,000 Unamortized discount on bonds payable 420,504 On January 1, 2025,...
-
(f) If the normal strain is zero in the z direction, calculate the stress in the z direction provided that; (3) ox = 16 MPa; y = 12 MPa; E = 70 GPa; G = 28 GPa; v = 0.25 Z 8. = 0 T X = ? Answer (g)...
-
Q-1: Differentiate between unconsolidated undrained test and a drained test. Explain under which conditions you will recommend these tests for design purposes. Give examples. [CLO1:C2:PLO1] (5) Q-2:...
-
What is the minimum volume in m^3 of clay required for the development with the following characteristics? Creating a foundation layer for 1-hectare commercial development Gs=2.65 Dry unit weight=...
-
a. Sketch the graphs of y = x and y = 2 sin x. b. Use the Bisection method to find an approximation to within 105 to the first positive value of x with x = 2 sin x.
-
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...
-
How can the effective implementation of Just-in-Time (JIT) and lean production principles contribute to improved operational efficiency, cost reduction, and customer satisfaction in a manufacturing...
-
1. A food that provides 120 mg of potassium and 40 kcal in a serving. Calculate this foods potassium density (mg per kcal) 2. A food label ingredient list reads in the following order: Wheat flour,...
-
A food scientist is developing a new and improved cereal bar. She consults with you to ask in what order the ingredients should be listed on the food label. The ingredients are: Sugar: 20 g, Puffed...
Study smarter with the SolutionInn App