What Is Meant by an Illegal Market

question 67

Multiple Choice

What is meant by an illegal market?

• A)An allocation system where sellers are allowed to determine the method of allocation on the basis of their own preferences.
• B)A market where products are bought and sold at a price above a government imposed price ceiling.
• C)The effect which a price change has on real income and therefore on the quantity demanded of a product.
• D)A mechanism to bring buyers and sellers together.

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Definitions:

Proportional Band

A control parameter in PID controllers that determines the range of proportional action surrounding a setpoint for maintaining system stability.

Factory-Tuned

Refers to equipment or systems that have been pre-set or adjusted at the manufacturing site for optimal performance before delivery.

Proportional Controller

A type of feedback control system that outputs a control signal proportional to the error signal, which is the difference between the desired and actual system states.