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Question 2 (8 points) COVID-19 led to short-term scarcity of vital products such as medicines and respiratory equipment. This entails the risk of overcharging or

Question 2 (8 points) COVID-19 led to short-term scarcity of vital products such as medicines and respiratory equipment. This entails the risk of overcharging or price gauging. Governments are considering intervening in the market. 2a. explain by graph the effect of price gauging (4 points). b. Reflect on the phenomenon of price gauging on the basis of the fairness principle (4 points)

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