Bell 1
Clinton Bell
Taylor
ECO 225
4 December 2019
Should Price Gouging Be Deemed Criminal?
As the supply of a product or service diminishes in a physical location, its price naturally
increases due to its scarcity value. Although price gouging is often treated as a crime, it is the
market’s first step in dealing with a scarcity. As long as the crisis continues, the increased price
draws more people into the manufacture/ distribution of that good such as water or gasoline.
People will find more efficient methods to bring the scarce product to meet market demands,
reducing the price in successive increments until it reaches an equilibrium point at which
