Consider the market for insulin which has a a binding price ceiling in Europe and is unregulated in the United States. If the reimport and reexport of insulin is illegal in both jurisdictions, do you expect a black market to emerge? Why or why not?
Market can imerge in this case because they can get a lot profit with it and they can increase the production with the profit and can increase the value of insulin in market.
Consider the market for insulin which has a a binding price ceiling in Europe and is...