Which of the following is an example of price gouging?
A)Selling World Series Tickets for $300.
B)New York hotels that doubled or tripled their prices in the aftermath of the September 11,2001,attacks.
C)Having to pay above the seller's original asking price for a home.
D)Increasing the price of lawn movers in the spring and summer.

Question

Quizplus · Accepted Answer

Price gouging is the act of charging exorbitant prices for goods or services during a time of crisis or market instability. New York hotels that doubled or tripled their prices after the September 11 attacks is an example of price gouging. Selling World Series Tickets for $300 is not necessarily price gouging because the value of tickets fluctuates based on demand. Having to pay above the seller's original asking price for a home is not price gouging because it is determined by market conditions. Increasing the price of lawnmowers in the spring and summer is not price gouging because it is based on seasonal demand.

Which of the Following Is an Example of Price Gouging