Question

Since the start of the pandemic, many retailers have decided to raise their prices in the hopes of making more profit. Is there decision justified? If not, what are the consequences of their decision of increasing prices?

Answer 1

Yes, since the pandemic, many retailers have decided to rise their prices in hope of making more profit even small shops or small retailers had increased their price of every good specialy price of food and dairy items sold at its peak. This situation is seen in every part of the world whether its a big country or small country . The reason for price hike is that every is willing to pay more and want that Good. Seeing the willingness of people and croud of peoples who or customers in shops retailer increases the price to earn more profit in this situation Everyone is so stressed and scared in the starting of the pandemic that how will they survive the price increases because at that time the demand of goods was at its peak and the suppy was stopped so everyone was scared that they will not get their living so they agrees to pay more for that goods. The decision of retailers is wrong because in this situation of pandemic only those who are rich get the products because of price hike poor and middle class peoples suffered a lot in pandemic only those who have money get the product rest will suffer. The whole economy got unstable because of these price hikes. In the red zone areas where shops were shut down before the shutdown lot of peoples rushed to the nearby shops and buyed more than the want this increases the price of that good. Instead of selling at high rate retailers should show some humanity and follow some procedures so that in that pandemic situation every section of the society will get the product in some quantity. Their should be some rules and regulation that only a particular quantity will be sold to a person at the same price , everyone should be in queue and wait for their turn and buy a particul quantity of that good so that their will be no price hikes.