Sam's Meat Market raised prices considerably during peak tourist seasons,knowing that consumers would be willing to pay higher prices for premium meats.This is an example of ________.

Question

Quizplus · Accepted Answer

The scenario describes price gouging, which is the act of raising prices to an unreasonable or unfair level, often in response to increased demand or limited supply. The other options, price fixing and collusion, involve illegal agreements between businesses to set prices together, while price skimming involves initially setting high prices for a new product before gradually reducing them over time.

Sam's Meat Market Raised Prices Considerably During Peak Tourist Seasons,knowing