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Is Price Gouging Bad - Essay Example

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In most cases, price gouging occurs after disasters which create the need for basic items such as water, food and electricity which become…
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Is Price Gouging Bad
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Is Price Gouging Bad

Download file to see previous pages... Price gauging is good because it attracts suppliers to areas where there is limited or no supply of basic good. After hurricane Katrina hit Mississippi over 5 million people were living without power hence there was a high demand for generators. This would attract suppliers such as John who will want to maximize on profits since they will sell the generators at a high price. Due to the law of supply, this would have attracted more suppliers of generators to Mississippi who would benefit from the high prices at which the generators were being sold. Due to the high number of suppliers, the price of generators will eventually fall since suppliers will lower their prices due to the competition for them to gain more customers. This will result in the equilibrium price of the generators falling back to normal due to the forces of supply and ...Download file to see next pagesRead More
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