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I. Is Price gouging criminal or is it the free market working efficiently? Please submit a...

I. Is Price gouging criminal or is it the free market working efficiently?

Please submit a two- page paper

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Answer #1

Ans-. PRICE GOUGING

It is a term referring to when a seller spikes the prices of goods, services or commodities to a level much higher than is considered reasonable or fair, and is considered exploitative, potentially to an unethical extent. Usually this event occurs after a demand or supply shock. Common examples include price increases of basic necessities after hurricanes or other natural disasters.

Moreover it's like a free market activity due to some supply or demand shocks. In United States it is illegal when it's over exploited.

Some times Prices will go up high of the basic or necessities which causes damage to the economic growth and Output.

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