Surge pricing occurs when a company raises the price of its product when demand for the product goes up and lowers the price of its product when demand goes down.

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Surge pricing is a strategy used to balance supply and demand by increasing the prices of products or services during periods of high demand and decreasing them during periods of low demand. This concept is commonly used by ridesharing companies and airlines.

Surge Pricing Occurs When a Company Raises the Price of Its