Great essay. Though I would note that “price gouging” usually refers to the scenario described: when the change in price is possible only by virtue of seller market power. I think the term is misused enough that it makes sense to present the example as is, but I would call it a pretty basic error in terminology for the scenario, absent seller market power, being referred to as price gouging.
Great essay. Though I would note that “price gouging” usually refers to the scenario described: when the change in price is possible only by virtue of seller market power. I think the term is misused enough that it makes sense to present the example as is, but I would call it a pretty basic error in terminology for the scenario, absent seller market power, being referred to as price gouging.