A seller's exploitation of a short-term situation in which buyers have few purchase options for a much-needed product is called
A)Price gouging
B)Racketeering
C)Prix fixe
D)Worker exploitation

Question

Quizplus · Accepted Answer

Price gouging refers to a situation where a seller takes advantage of a short-term lack of supply of a product by charging an exorbitant price to buyers who have few alternative options. This is often seen in the aftermath of natural disasters or during times of crisis when essential goods like food, water, and medical supplies are in high demand but short supply. It is considered unethical and in many cases, illegal.

A Seller's Exploitation of a Short-Term Situation in Which Buyers