Illustrate what are economic effects of price gouging statue

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Reference no: EM1358822

Florida, like several other states, has passed a law that prohibits "price gouging" immediately before, during, or after the declartion of a state of emergency. Price gouging is defined as "...selling necessary commodities such as food, gas, ice, oil, and lumber at a price that grossly exceeds the average selling price for the 30 days prior to the emergency." Many consumers attempt to stock up on emergency supplies, such as bottled water, immediately before and after a hurricane or other natural disaster hits an area. Also, many supply shipments to retailers are interrupted during a natural disaster. Assuming that the law is strictly enforced, what are the economic effects of the price gouging statue? Explain.

Reference no: EM1358822

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