Price Gouging versus Supply/Demand
When the stay-at-home orders were beginning to be announced and the grocery stores more resembled those in Venezuela compared to our usual over-abundance and toilet paper was in short supply there was serious concern about price gouging. As I have my own little place on eBay , I have adjusted prices to meet demand; often threading the needle between being competitive and having a viable business. This made, and admittedly, still makes me wonder, "What the line is between operating in a "free market" and price gouging?" In the idealized free market, at least what I recall from microeconomics, the price of widgets will settle where the supply v. price and demand v. price curves intersect. If there's excess supply, prices should drop; particularly with commodities (products made by a number of firms and are largely indistinguishable in form, fit and function) like toilet paper. If supply is limited, or as what I often do at work, design somethi...