Answer:
Explanation:
a)price floor is usually imposed by government so that price of certain product or services will not be low. However, the the equilibrium price must be lower than price floor in economics for effective price floor.
LICENSE can be regarded as a permit, which could be an official permit to carry it an action or not to.
PRICE CEILING is action by government to prevent price of goods and services from been too much for consumer to afford.
BLACK MARKET is an illegal ways of selling and buying of services by people. It occurs when consumer Don't wan to compliant with government.
a)Ivan, a Russian fishermen, needs a permit so that he can commercially participate in ice fishing for yellow perch and then the consequent sales(LICENSE)
b)garet is an undergraduate student who has to work at McDonald's part time to help pay his tuition loans. Always looking on the bright side of things, he is thankful that he can't make less than what he is earning, $7.25 an hour.( PRICE FLOOR)
c)D'Artagnan, a poor French noblemen, discovers a large cache of truffles in his backyard. However, the government caps the sale of truffles a $100 a pound, which frustrates D'Artagnan as he knows they are worth more than that. (PRICE CEILING)
d)Athos is an avid collector of swords, but as they are illegal to purchase, he goes by illicit (forbidden by law) means to obtain them. (BLACK MARKET)
e)to help out Irish farmers, the government sets the minimum price of potatoes at $26 a bushel(PRICE FLOOR)
f)In order to support domestic sales of textiles, the country of Germany puts a cap on the amount of foreign textiles it imports.( QUOTA)
