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Price gouging
(i.ibb.co)
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this post was submitted on 07 Jun 2024
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Microblog Memes
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Exactly! In economics there's a concept called price elasticity (Incorporating two related principles, elasticity of supply and elasticity of demand).
Elasticity of demand is the more relevant one here. Products with elastic demand are those that consumers are quicker to change their buying habits around. For instance, luxury items. Products with inelastic demand are generally actual necessities (like groceries), where you're gonna have to buy them one way or another. You can look to alternate suppliers with better prices, but when they're all gouging you have no choice but to buy from one of them.
In the long run this can indirectly be forced to change. If it gets bad enough that people en-mass started growing their own food at home, this could cause the suppliers to reconsider their prices. (I know that's a far-fetched example. I'm just using it to broadly illustrate my point.)