the price gouging and price ceiling related to coronavirus
The article focuses on the price gouging and price ceiling related to coronavirus. Sellers are buying these essential at lower prices but later increase the prices for own gain. Some patients are travailing in hospitals due to lack of the products while some sellers are hoarding piles of ace masks and sanitizers. The attorney general in the US is conducting investigations on price gougers in response to an epidemic.
In the article, price gouging occurs when sellers are taking unfair advantage of consumers during the coronavirus pandemic by greatly increasing prices of sanitation products. In the United States, Matt and Colvin ordered for stockpiles of hand sanitizers and antibacterial wipes, and within a couple of days, all the stores were cleaned out. They listed the products on Amazon and immediately sold them higher than they had bought them. The company has suspended many Amazon sellers for price gouging related to the coronavirus pandemic. However, sellers are hoarding the products for personal gain and not or the sake of helping people. Price gouging laws have been enacted to prevent unreasonable pricing for essential products that may be of great help to people.
Additionally, government officials have set strict measures to sellers who are selling the products higher than their imposed price. They are applying price ceilings to protect consumers from conditions that are making these protective extortionately expensive. Furthermore, it has warned organizations that if they keep hiking up prices, they will lose their business accounts. On the other hand, EBay has prohibited all the United States sales of face masks and hand sanitizers. While millions of people across the States search in vain for sanitizers to protect themselves from the rapid spread of coronavirus, some sellers are sitting on thousands of stockpiles of the stuff with no idea where to sell. Amazon, Walmart and EBay are among the online-business platforms that are working hand in hand to stop sellers from making unfair profits from such a public health pandemic.