BLACK MARKETS Definition

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BLACK MARKETS are created when buyers and sellers meet to negotiate the exchange of a prohibited or illegal good. More generally, it is any unofficial market in which prices are inordinately high.

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PREFERRED CREDITOR is a creditor whose account takes legal preference for payment over the claims of others.

MARKET PRICE (MARKET VALUE), for securities sold on an exchange, is the last reported price at which the securi­ties were sold. For securities sold over-the-counter (OTC), the current price of the securities in the market.

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