Ablack market is a. very similar to a "gray" market except that the goods and services exchanged are imported. b. a market in which buying and selling take place at prices consistent with government price regulations. c. a market in which all transactions involve activities (such illicit drugs, prostitution, etc.) many in the population find morally offensive. d. a market in which buying and selling take place at prices that violate government price regulations.

Amarket that consists of all possible consumers regardless of their specific needs or wants is a

Which of the following statements is (are) true? i. free entry to a perfectly competitive industry results in the industry's firms earning zero economic profit in the long run, except for the most efficient producers, who may earn economic rent. ii. in a perfectly competitive market, long-run equilibrium is characterized by lmc < p < latc. iii. if a competitive industry is in long-run equilibrium, a decrease in demand causes firms to earn negative profit because the market price will fall below average total cost.

Suppose that in the year 2020 the price level in the fictional country of demet is 100, and the governement is considering