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Price gouging means you took stock on hand and re-priced it to gouge the desperate with no increase in cost to the seller. It also covers people who buy out th
by jhayward 6y ago
Price gouging means you took stock on hand and re-priced it to gouge the desperate with no increase in cost to the seller. It also covers people who buy out the retail stock in 4 states to "corner" the supply, and then try to extort high prices for necessary goods due to an emergency.
A price increase due to shortage is legitimate if it is new stock or production, brought online or made possible by a higher price that is now sought to satisfy demand.
- andi999 6y agoI also believe a price increase to prevent shortage is legitimate (or actually good). If demand goes up prices shd go up so the buyer themselves can prioritise (if desinfect prices hiked immediately (some ppl would call it price gouging) buyers might not empty the shelves or at least more ppl had the chance to get something. But this needs to be done with stock on hand.
- jhayward 6y agoThat's still price gouging, it merely re-allocates the supply from those that need it to those that can pay exorbitantly. It's not as though the wealthy have more legitimate need for the products.
- andi999 6y agoIt doesnt merely do that. If like one liter of desinfectant costs 200US, still everybody can afford it, but everybody will think twice (actually not thinks twice, but dismiss the idea) of buying more than one bottle.