Price Gouging Is the Act of Charging a Higher Than

question 89

True/False

Price gouging is the act of charging a higher than reasonable price for a good that occurs following some kind of natural disaster or event.

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Definitions:

Long-Run Adjustment

A process in which firms adjust their inputs and outputs to achieve the optimal level of production and efficiency over an extended period.

Farmer

An individual engaged in the activity of agriculture, aiming to produce crops and raise livestock for consumption or sale.

Calendar Time

The actual time measured by calendar days, weeks, months, or years, as opposed to other measures of time.