Question

1. Should price increases for products in demand be allowed during extreme times of demand (e.g., bags of ice, water or hotel rooms during a hurricane crisis)?

2. Is Google a monopoly? Why or why not?

Answer 1

1. During economic shocks or extreme times, prices of case sensitive goods should not be allowed to rise as it would worsen the situation for the affected people. A hike in price during dissent times is a strategy to make profits taking advantage of the vulnerability of the situation. Even if prices are bound to rise as input costs are high still it should not be exorbitantly high.

2. Google is the largest search engine and advertising market but it is not a monopoly because market determines price and not Google.