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Bayanhongor Travel on The direct result of the increase in government restrictions is the rising of black market prices for the controlled goods, because legal restrictions represent a decrease in supply. According to the theory of SUPPLY and DEMAND, a decrease in supply, making the product more difficult or impossible to find, will increase PRICES. Similarly, increased enforcement of restrictions will increase prices for the same reason. However, products acquired illegally can also be less expensive than legal market prices, because the supplier did not have to sustain the normal costs of production and taxation (this is the case, for example, of bootlegged cigarettes). Underground markets are vast and represent an important sector of national economies. The size of the black market in a particular country at a particular time also reflects the size and effectiveness of the bureaucratic machinery the government mobilizes to catch people who violate its economic regulations and the severity of the punishments that are regularly inflicted on those who get caught. Thus it was surely no accident that the regulated economic institutions of Nazi GERMANY, So- 88 black market viet RUSSIA, eastern Europe and communist CHINA coexisted in symbiosis with gigantic regulatory and secret police apparatuses, extensive informer networks, crowded prison systems featuring thousands of slave labor camps, and frequent imposition of the death penalty for so-called economic crimes. Bayanhongor Travel 2016.

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