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Microeconomic: Florida lawsuits Allege Price Gouging, & They Clapped: Can Price-Gouging Law Prohibit Scarcity? Summarize the...

Microeconomic: Florida lawsuits Allege Price Gouging, & They Clapped: Can Price-Gouging Law Prohibit Scarcity? Summarize the main points
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Answer #1

Usually, when natural disaster occurs shortage crops up and prices shoot up. Thus, to save vulnerable group of society, government artificially keeps the prices low and does not allow price to shoot up

Price Gouging law is good politically but bad economically.

It does not end scarcity but few people are able to procure the good and rest of people go without. It does not solve the problem of scarcity. Demand and supply forces do not operate efficiently here. Artificial price debar few consumers from consumption of good.

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