Which of the following is an example of price gouging?
A) Retailers increasing the price of vegetables after a torrential rain
B) Marketers discontinuing a model of food processor as its sales price yielded low profit
C) Retailers decreasing the price of milk products after a white revolution
D) Marketers releasing improved versions of food products that haven't been in the market for long

Question

Quizplus · Accepted Answer

Price gouging refers to a situation where retailers or sellers hike the prices of essential goods or services excessively just because of increased demand or shortage of supply. Increasing the price of vegetables after a natural calamity is an example of price gouging as people need these essential items and may have no choice but to pay the inflated prices.

Which of the Following Is an Example of Price Gouging