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What is black market

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What is black market

Posted by Sameer Chettri 6 years, 7 months ago

CBSE > Class 12 > Economics

1 answers

Amar Kumar 6 years, 7 months ago

Illegal free market which flourishes in economies where consumer goods are scarce or are heavily taxed. In the first kind, black market prices are higher than the 'official' or controlled prices. In the second kind, prices are lower than the 'legitimate' or taxed prices, due to tax evasion. Black market and black money go hand in hand.

The smuggled weapons from Mexico were sold on the black market because there is no way they would be able to be sold on the open market.

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