Price Gouging 101

Have you ever been in the store and noticed certain prices of products change when their is in a increase in demand or their is a natural disaster?

According to Legaldictionary.net, “ Price gouging is a term that refers to the practice of raising the price of goods, services, or commodities, to an unreasonable or unfair level. Such an increase in price is often a result of a sudden increase of demand and shortage of goods, such as in the event of a natural disaster or other crisis, and it is illegal in most jurisdictions”

To simply that, The practice of raising prices on certain types of goods and services to an unfair level, especially during a state of emergency is called PRICE GOUGING.

Here are some key sites to check out to learn more about this and the laws behind it; so if you notice this your local stores doing this unlawful thing, you’ll know what to do.

https://legaldictionary.net/price-gouging/

https://consumer.findlaw.com/consumer-transactions/price-gouging-laws-by-state.html

https://hbr.org/2013/07/the-problem-with-price-gouging-laws

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