Black markets are associated with:

A) price floors and the resulting product surpluses.
B) price floors and the resulting product shortages.
C) ceiling prices and the resulting product shortages.
D) ceiling prices and the resulting product surpluses.

Ceiling Prices

Legally established maximum prices that can be charged for goods or services, usually set by government authorities.

Black Markets

Illicit trade environments where goods or services are exchanged illegally or outside the official regulatory frameworks.