What you describe is price inelasticity of demand (demand does not vary much when price varies).This is not the same as Uber's surge pricing, which occurs when

What you describe is price inelasticity of demand (demand does not vary much when price varies).This is not the same as Uber's surge pricing, which occurs when demand surges while supply is restricted (so classic response to such imbalance in supply vs. demand). They say this is what happened with the economy: "the economy was hit with a form of surge pricing by corporations owing to a sharp rise in demand as COVID lockdowns took hold, coupled with shortages created by broken supply chains."