The name of unethical practice that firms engage in when they overcharge for certain items or services is known as price gouging.
This refers to the behavior which is shown to have no honor and respect for due process and is usually done in order to make a quick profit to the detriment of others.
Hence, we can see that when there are natural disasters or situations when there are uncertain situations, some firms actually overcharge for certain items or services, knowing customers will pay the higher cost due to a lack of options and this is known as price gouging.
Read more about unethical practises here:
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