When pop concerts face excess demand for tickets,black markets often emerge,that is,some individuals buy up blocks of tickets and then illegally resell them at higher black-market prices.As a rule,if they are caught,the law will punish
the sellers in the black market but not the buyers.
What will the resale price of tickets be if the reselling is perfectly legal(as compared to the illegal black-market price)?And what will the illegal black-maeket price be if both sellers and buyers are subject punishment when caught?(10mks)