When disaster strikes, like a fire, flood, hurricane, or an epidemic, and utilities and supply chains get disrupted, you might see much higher prices for goods that yesterday were cheap. This is called price gouging. For instance, in 2017 after hurricane Harvey struck Texas, in some locations gas prices shot …
From a brain so smooth it could be used to define the kilogram
I do know that in Introduction to Microeconomics, we're taught that if there is a price ceiling set below the equilibrium price, then not enough supply will be produced to meet demand, leading to a shortage.
That said, by this defintion, a shortage is not when people lack the supplies that they need, but when not everyone (who can afford to) is able to purchase supplies at the market price.
Price gouging is still a disgusting practice either way.
I do know that in Introduction to Microeconomics, we're taught that if there is a price ceiling set below the equilibrium price, then not enough supply will be produced to meet demand, leading to a shortage.
That said, by this defintion, a shortage is not when people lack the supplies that they need, but when not everyone (who can afford to) is able to purchase supplies at the market price.
Price gouging is still a disgusting practice either way.
deleted by creator
deleted by creator
It's really kind of disturbing seeing all these issues affecting low-income individuals just being abstracted away into numbers and figures.
I suppose this type of thing is what makes it easy for ancaps like OP to justify price gouging.