Log Entry Post 2

1.    The price that the ceiling is at, the demand increases. There is also less supply, so there is more product demand than supplied. A black market is when there is an illegal system which selling legal or illegal products without government permission. For example, if there was a shortage on gas the black market could sell the gas at a lower price and have people buying from them cheaper than a free market that is charging more.

Project Log Entry #1

   When gasoline companies do not have price control in place, it is varied on what the prices are and if the consumer wants the gas at that price. The price of gasoline will be based on the market. The companies would need to look at the rate of demand of the customers and try to compromise. The amount of supply should be dependent on the popularity of the product. By doing this, the amount of shortages will decrease.