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

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.