price gouging
"Price gouging" often occurs during emergencies or shortages when sellers take advantage of increased demand and limited supply to charge excessively high prices.
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Definition
B2Economics
(business, informal)Raising prices on goods or services to unreasonably high levels, often during crises.
Example
- Many people accused the store of price gouging when the cost of bottled water tripled after the hurricane.
C1Business
(formal, legal)Charging excessively high prices for essential items during emergencies or market disruptions.
Example
- The government implemented laws to prevent price gouging during the pandemic.
Similar
Terms that have similar or relatively close meanings to "price gouging":