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From Taylor Swift tickets to gasoline — these days everyone feels like they're being price-gouged. Are they?

·1 min

Emily Miller, a fan of Taylor Swift, is disappointed after being unable to purchase tickets for the singer’s upcoming tour. Despite entering multiple accounts to gain access to Ticketmaster’s presale, Miller was unsuccessful. Resale tickets are already listed for exorbitant prices. There is ongoing debate over the definition of price gouging, with economists and President Joe Biden not in agreement. However, everyone recognizes that prices have increased in recent years due to inflation. Social media has become a platform for consumers to express their frustration, although they may be victims of inflation rather than price gouging. Price gouging is generally seen as occurring when there is a scarcity of a product or service, lack of competition, and limited consumer information. The debate also arises in situations like surge pricing in ride-hailing services, where sudden price increases may lead consumers to feel exploited.