Kroger Groceries Admits to Price Gouging

[Redwood]

It's obviously not just them though

 

[No1]

and the sick thing is this stuff is regurgitated in the media and people just accept it. I remember people saying it on the CARES Act caused inflation on here.

I don't know how people can continue to ingest this stuff with out a critical eye.

Because people don’t think critically at all. And then some charismatic Buffon comes on social media and they roll with him. It’s why I was talking to my friends and I was like I might have to go sit down with that clown Dr. Umar if I was a politician because of how dumb people are and he’s got a platform.

 

[No1]

The people with money can afford to wait. The stereotypical way of doing things (the way those supply/demand curves are based on) is maximizing profit at current demand levels by finding the highest price at which the truck will sell. Actually getting that profit by making a sale is essential. But under algorithms, the entire market can go into collusion mode and say, "Hey, we're going to target these profit levels and we're going to MAKE you like it, or we'll just wait you out." Maybe they'll get it now and maybe they'll get it 6 months from now, they're fine either way. But they know that they're not just driving up their profit on that one sale, their price collusion drives up the price on ALL their inventory and thus the reward is so much higher than just one sale.

Maybe they'll make an error sometimes and that one truck doesn't sell. But if they drive up the profit 50% on two other trucks that do sell, they've made their profits anyway and are still sitting on extra inventory on top of it. Failing to make one particular sale isn't the driving factor it once was before whole-market collusion could drive prices up across the board.

This is what I tried to explain to that since ignored idiot @the cac mamba about rent prices. But he blamed rent control laws.

 

[JT-Money]

 

[CrimsonTider]

Surprised (well not really) that this hasn't been discussed much here.

Kroger executive admits company gouged prices above inflation

Kroger's senior director for pricing Andy Groff said the grocery giant had raised prices for eggs and milk beyond inflation levels.

www.newsweek.com

...

What does beyond inflation levels mean?

You can only charge prices the consumers are willing to pay