Ethical Issues in the Context of Pricing

Price Ethics
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Price Ethics
The practice of price gouging raises several ethical concerns. Companies are exploiting vulnerable customers by artificially exploiting a situation to inflate prices. This is particularly concerning in the case of the COVID-19 pandemic, where many people were desperate to get their hands on supplies like hand sanitizer and masks to protect themselves and their loved ones. By increasing prices to exorbitant levels, sellers made these products inaccessible to many people who needed them. Price gouging in these circumstances is not only unethical but potentially dangerous as well.
While the company in question is technically within its legal rights to set the price of its product as it pleases, its actions' ethical implications need to be clear-cut. On one side of the debate, defenders of the company might contend that it is simply engaging in market-based behavior. In this view, the company is responding to the forces of supply and demand, and maximizing its profits is a rational and reasonable goal. However, those criticizing the company's actions likely take a different perspective. These critics might argue that the company is exploiting people in a vulnerable position by taking advantage of their desperation. For these critics, the company's behavior is not justifiable based on market forces; rather, it represents an ethical failing. They would contend that the company should be held to a higher moral standard and not be allowed to exploit people for its benefit.
When considering the ethics of price increases during times of ...