Answer:
The price on the black market tends to be higher.
Explanation:
When price ceilings are placed in legal markets, buyers are able to get goods and services at lower prices. But sellers may not be willing to sell unlimited supply of goods at the low price. This could lead to artificial scarcity, and formation of black markets.
The main aim of black markets is for suppliers to maximise profits, so a supplier is able to sell his goods at an amount above the price ceiling set in the legal market.
Also black markets are characterised by practices such as tax evasion, which are beneficial to the suppliers.
Answer:
- Differences in values
- C. Tariffs and import quotas generally reduce economic welfare.
Explanation:
Yvette and Sean most likely have a difference in values because they believe that one thing is better for the economy than the other. This means that when it comes down to the economy, they value a certain approach over other approaches.
Economist don't usually find common ground on many things but there are some things where they have a general consensus and one of them is that tariffs and import quotas are bad for the economy. They believe that people stand more to gain from free trade than restricted trade.
Answer:
Thinking on the margin will ensure that each pair of inserts produced is turning a profit. Once a profit is no longer being made on a pair of inserts, production must be cut back. Understanding these margins will also help me stay competitive in a market that is open to other producers. If additional producers enter the market, I know that I have the ability to lower prices or offer discounts while still maximizing profits.
Explanation:
The free-enterprise system discourage entrepreneurs who waste resources because They can't make a profit and are forced out of business.
<h3>What is free-enterprise system?</h3>
Free enterprise can as well be described as the free market or capitalism, which is a economic system that is been driven by supply and demand.
In this Private businesses as well as the consumers control the marketplace , however free-enterprise system discourage entrepreneurs who waste resources because They can't make a profit and are forced out of business.
Learn more about free-enterprise system at:
brainly.com/question/3369578
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Answer:
Export
True
False
True
Explanation:
Free trade is a form of trade policy where there are no restrictions to imports or exports of goods and services.
The price of meekers is $30 in Meekertown and $40 In the world. Because meeker's are cheaper in Meekertown, it means that Meekertown is efficient in the production of meekers. As a result, they would export meekers to the rest of the world. It would be cost efficient for the rest of the world to import from Meekertown.
Consumers in Meekertown are worse of because of the trade because the price of Meekers would rise.
Producers are better off because they would earn more profits from the sale of Meekers at the world price.
Free trade increases total surplus because of efficient production. If a country is inefficient in production, it would import . This would increase consumer surplus and if it is efficient in production, it would export increasing producer surplus.
I hope my answer helps you
