What Will an Individual Do Differently as a Buyer in the Black

question 113

Multiple Choice

What will an individual do differently as a buyer in the black market in the long run?

• A) He or she will substitute away from the product.
• B) He or she will substitute toward the product.
• C) When a binding price floor exists,he or she will be willing to pay a higher price.
• D) When a binding price ceiling exists,he or she will be willing to pay a lower price.
• E) What he or she does as a buyer in the long run will be no different from what he or she does in the short run.

---

Definitions:

Distributed

Refers to a system or process that is spread out across multiple locations or among various entities.

Existential Import

The concept that a statement implies the existence of the subject it mentions.

Invalid Syllogism

An invalid syllogism is a form of deductive reasoning where the conclusion does not logically follow from its premises, thus making the argument logically incorrect.

Rules Of Validity

The principles and criteria used to assess the logical soundness of arguments and syllogisms.