After Hurricane Matthew, more than 2,000 Florida consumers complained of price gouging to the State Attorney General.
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After Hurricane Matthew, more than 2,000 Florida consumers complained of price gouging to the State Attorney General. Two examples: a hotel room normally $65 a night cost $150, and a $1 bottle of water was $5. In a declared state of emergency, “unconscionable prices” are prohibited.
a. Are the two examples in the news clip examples of price gouging or of competitive markets doing their job of allocating scarce resources? Explain.
b. Are the two examples of price increases in the news clip fair?
c. Is it fair to prohibit “unconscionable prices”?
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