Shock moved the price equilibrium to new higher price point. And big enough share of demand accepted that new price point.

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hn_throwaway_99 a day ago | parent [-]

> And big enough share of demand accepted that new price point.

Exactly - this is literally econ 101, no appeals to "greed" needed.

As they say, the cure for high prices is high prices. You already saw this in a number of different areas. Fast food prices outpaced what people were willing to pay, so people stopped eating out and businesses needed to adjust accordingly.

	▲	math_loser a day ago \| parent [-]
		> As they say, the cure for high prices is high prices. Your line of reasoning is downplaying the fact that we don't exist in a world with perfect markets or rational consumption habits. There are multiple clear cut examples of producer collusion and oligopoly formation in the past few years - including in the food industries (see eggs and pork in the past 5 years). Food being essential for life means consumers can't interact with the market rationally, just like they can't for insulin, transportation that enables income, and so on.