1 upvotes, 1 direct replies (showing 1)
View submission: Casual Questions Thread
Well, how do you explain it then?
Comment by bl1y at 09/11/2023 at 03:00 UTC
3 upvotes, 1 direct replies
Businesses taking advantage of an anomalous inelasticity.
The price hikes we've seen would, under normal circumstances, get people to cut back, switch brands, spend elsewhere, etc. Covid and the supply chain issues kind of short circuited our brains and we just accepted price hikes as "well, I guess that's just how it has to be." We figured prices reflected actual changes in cost of materials, labor, shipping, etc, so we didn't get the consumer reactions that would normally keep price hikes in check.