Price gouging question.

[inhawaii]

If i were to buy some of those "overpriced" N95 masks to re-sell, and marked them up using the SAME calculations i use to mark up any of my other items, no more no less, would that be considered price gouging?

[monster-deals]

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@coolections wrote:

@dtexley3 

Ask Ebay what they think of the $20-$201 price increase. It does not matter how the topic started, the real question is it gouging to ask $201. Ebay does not care if you paid $20 or $500. Don't go by what I said and go ahead and list your gouge price and see what happens. You can twist the facts all you want.

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About 4-5 times a year I make a 50,000%+ mark-up.

No one has ever said anything about it other than my boss.

[dtexley3]

Heh, in related news I just received an unwanted email from a seller that I bought a seat cover from a year ago.  The email encouraged me that "during the global outbreak of new coronavirus, we strongly recommend you minimize outdoor activities.  If you must go out, please wear masks.  We also have a batch of high-quality" yadda yadda yadda.

I sent a tersely worded response and would report the seller to eBay but they choose not to list the masks here.

[chapeau-noir]

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@inhawaii wrote:

Ok this will be my last post on this topic and i'lll  let it die.

So let's say i'm an eccentric millionaire (which i'm not). 

I go on ebay and buy up  every single mask i can buy.

I turn around and re-sell them for HALF of what i paid. 

According to most of you, that would make me a dirty, rotten, no good price gouger.

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Or a philanthropist?

[muttlymob]

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@tellmemama wrote:

Clearly there are more than a few posters who think the OP can buy them for $20.  How is it none of them can comprehend that used to be the price?  And missing whether or not it's price gouging if she bought them for $200 (what is likely the current MP for her) and sells them for a dollar more??

Reading is fundamental.

PS:  I personally wouldn't waste my time for a dollar.

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Someone already posted what the price gouging law is in California.  Most states that have price gouging laws are similar - the determination of gouging is based on the PRICE BEFORE THE DECLARATION OF EMERGENCY.

So it doesn't matter what price anyone buys them at to resell - it's the price before the emergency was officially declared (per many of the laws) that determines whether the final selling price is gouging or not.

In the example of prior-to-emergency price of $20, then it doesn't matter whether a reseller pays $200, or $500, or any other outlandish price.  If the reseller tries to sell for more than 10% (or whatever the local law states) over the pre-emergency $20 price, it is price gouging. 

Buying from a gouger in the first place does not absolve a reseller of gouging themselves.

[coolections]

@monster-deals 

Good story.

[jhch6]

You should see how much freeze dried food and 10 year old MRE'S are being sold for, omg. One seller has a normally priced at $75 to $85 5 gallon pale of dried food for $800 but I think it's free shipping. Not sure though. There's also a slew of brand new sellers with no ratings now selling these items. It's a real (if) question whether or not you will actually receive an order. I'm very happy I just got my money back from 1 seller, I was lucky.

[jhch6]

Yes, common sense.

[monster-deals]

Thanks.

Happens more than I thought it would.

Bought three boxes one of which had a roll of vintage 1950s travel posters at auction for $7 because we needed an umbrella.

Sold one poster for $900 and another for $1200. Still using the umbrella too.

[chapeau-noir]

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@monster-deals wrote:

Thanks.

Happens more than I thought it would.

Bought three boxes one of which had a roll of vintage 1950s travel posters at auction for $7 because we needed an umbrella.

Sold one poster for $900 and another for $1200. Still using the umbrella too.

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That's like the zoot suit I found in the bottom of a box which I sold for almost $500 - sometimes that happens, though not as often to me as I'd like!

[bin2500]

How do you feel when the price of gasoline skyrockets suddenly simply because there is some crisis in the middle east or a windstorm in Montana, Now apply that to goods that people need because of a real crisis. If you jack up the prices to absurd levels then yes you are gouging.

"Price gouging is a term referring to when a seller increases the prices of goods, services or commodities to a level much higher than is considered reasonable or fair, and is considered exploitative, potentially to an unethical extent."

If you choose to do this, and can live with yourself then in my humble opinion you are not a seller, you are an exploiter of human frailty no better than some of the big drug companies that charge $900 for an epi-pen.

Sad!

[sin-n-dex]

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@bin2500 wrote:

How do you feel when the price of gasoline skyrockets suddenly simply because there is some crisis in the middle east or a windstorm in Montana, Now apply that to goods that people need because of a real crisis. If you jack up the prices to absurd levels then yes you are gouging.

"Price gouging is a term referring to when a seller increases the prices of goods, services or commodities to a level much higher than is considered reasonable or fair, and is considered exploitative, potentially to an unethical extent."

If you choose to do this, and can live with yourself then in my humble opinion you are not a seller, you are an exploiter of human frailty no better than some of the big drug companies that charge $900 for an epi-pen.

Sad!

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Do they really charge $900 for an epi pen? I don't think that would fly in Canada (where I live, there's provincial insurance with a deductable for those who need high priced drugs but can't afford them).

My partner is currently being gouged on a medication he needs in the aftermath of having survived cancer. It ran into a worldwide shortage last year and we travelled to Australia to see a doctor and get what we can to bring home. Now it's available, but under strict allocation, and for a very high price. We have a pharmacy in BC who will do their best to supply us with what we need from month to month until it is widely available again, should that ever happen. Because of which medication this is, there is no substitute or alternative solution.

C.

[lightlily_arts]

Such a touchy crowd. I knew it was simply a hypothetical musing and offered the math equation which demonstrated that you would lose money. I know that the masks don't really help if don't wash your hands. Think about money handling as a means of transmission.

People are panicked and doing crazy things;  Reports of people buying all the toilet paper, bottled water and hand sanitizers off the shelves here locally.  Yet we don't have a single verified case of the virus.

The mask supply has run dry locally.  I usually buy masks at Harbor Freight and they are gone. I’m just fortunate that I kept a large supply of them for my hobbies and gardening. In addition, my pulmonary doctor gave me masks during my last appointment in December to wear during flu season when I was out. And yes I am part of that  "at risk population" as a senior with asthma.

Public Health advises
Avoid close contact with people who are sick.
Avoid touching your eyes, nose, and mouth.
Stay home when you are sick.
Clean and disinfect frequently touched objects and surfaces
The Centers for Disease Control and Prevention does not recommend that people who are well wear a face mask.
Face-masks are recommended for health care workers or people who are caring for someone who is sick.
Wash your hands often with soap and water for at least 20 seconds, especially after going to the bathroom; before eating; and after blowing your nose, coughing, or sneezing.

I have more personal concerns due to potential cases of the virus here locally. The US has designated our local military facility as a quarantine center for travelers returning to the US from abroad. In addition, there are people here locally traveling to Japan that work on military projects and were quarantined upon return.

I was planning a vacation to Las Vegas later this month and decided not to go because when I returned from Las Vegas after New Years I was sick for a month with a flu virus. People from all over the country in Las Vegas. You can’t avoid crowds and I would have to wear gloves and masks while in the casino.

[lightlily_arts]

So true.  My daughter was at the dentists office the other day and her dentists stated that the price of masks has increased by x4.  Her's come from a medical supply vendor.

[jack_bucks_ghost]

well stated!!!

[7606dennis]

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@laurie0534 wrote:

If you need to justify bad selling practices by whether it is legal or not legal to do so, then you should not even ask our opinions.  Just go do it and live with yourself.  The crisis made the price inflate.  Taking advantage of people in crisis is PRICE GOUGING.  If you have no ethics then you are not interested in what we say about it.

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Actually, the legal definition of things is very important in the world of business.  While you're entitled to your opinion, the legal definition is the one that determines what is and what isn't price gouging.

By the way, I don't remember asking for opinions since I'm not the OP.  I'm merely giving mine in response to the OP's original post and other respondent's responses, as I assume are those other respondents.