If a store sells a good at the market price, even though the government authorities have set the maximum price that can be charged for it, the store is selling the good in a(n)

Complete Question:

If a store sells a good at the market price, even though the government authorities have set the minimum price that can be charged, the store is selling the good in an?

Group of answer choices

A. black market for a market price that is higher.

B. black market for a market price that is lower.

C. effort to eliminate a surplus of the good.

D. legal market for a market price that is higher.

E. legal market for a market price that is lower.

A. black market for a market price that is higher.

Explanation:

If a store sells a good at the market price, even though the government authorities have set the maximum price that can be charged for it, the store is selling the good in a black market for a market price that is higher.

A black market can be defined as a type of underground market that is typically characterized by illegal transactions of goods and services as against the ethical trade of finished products.

In this context, any trader selling goods at a market price other than the maximum price that the government has set is certainly selling at a higher price and would only do that in an illegal way such as a black market, so as not to be caught by the regulatory agencies of the government.

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answer; is usually (less than) the socially optimal level of consumption;