Question

Mention 5 ways of controlling black market

Answer 1

Fixing price over supply-demand equilibrium (ex: minimum wage above supply-demand equilibrium leading to unreported transactions for work performed below minimum wage)

Answer 2

Answer:

1. Tax the black market by construction...
2. By strict policing of offenders...
3. By not having legislation that contradicts free market and competition...
4. Law enforcement must decide that a  particular black market is worth penetrating, gathering evidence and prosecuting...
5. Lawmakers can help by increasing penalties for black market operations...

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