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re: Biden to form ‘strike force’ to go after price-gouging
Posted on 3/5/24 at 10:37 am to teke184
Posted on 3/5/24 at 10:37 am to teke184
quote:
Price gouging”…
Price gouging is charging $100/gal for gas after a hurricane, to where amounts are far in excess of what is reasonable even for a scarce quantity.
Charging $18 for a Big Mac meal is NOT gouging when the costs of labor and all inputs (meat, cheese, sauces, bread, etc) have all gone up significantly
Yes, and no.
The price of an item is what a buyer is willing to pay in an arms length transaction and is dictated by supply and demand. If $100/gallon gas is in conformity with this, it may be immoral, but it is not gouging.
1
Posted on 3/5/24 at 10:40 am to udtiger
I mean from a legal perspective, not an economic perspective.
Legally, hotel rooms have a price printed on the card on the back of the door that says what the price of the room is, which is like $200-400
They can rent rooms for any amount they want, based on demand, but they have an upper cap they can’t breach without having legal issues. Doubly so if it is in a time of emergency as opposed to high demand.
Charging $400 a room for Black Spring Break is certainly legal because it is high demand for a nonessential event.
Charging $400 a room for people fleeing a hurricane gets into potential gouging territory.
Legally, hotel rooms have a price printed on the card on the back of the door that says what the price of the room is, which is like $200-400
They can rent rooms for any amount they want, based on demand, but they have an upper cap they can’t breach without having legal issues. Doubly so if it is in a time of emergency as opposed to high demand.
Charging $400 a room for Black Spring Break is certainly legal because it is high demand for a nonessential event.
Charging $400 a room for people fleeing a hurricane gets into potential gouging territory.
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