While standard economic theory posits that the priority of a firm is to maximize profits, behavioral economic theory suggests that firms will engage in behavior that limits profits to avoid being considered unfair. The purpose of our study is to determine when it is acceptable for firms to raise prices and to examine how violations of price fairness translate into legislation. Inflation and the rising cost of living continuously caused concern among the electorate and proved to be common topics in the 2024 election. Some explain the rising prices as leftover consequences of pandemic supply shocks while others claim firms exploit market power through price gouging and other unfair pricing practices. Research indicates that people have an inherent sense of fairness guided by implicit rules and are often willing to penalize those who act unfairly. As a result, anti-price-gouging legislation tends to be a popular response in inflationary times. To better understand undergraduate students’ comprehension of price fairness, we conducted a survey of scenario-based questions regarding prices, inflation, and price gouging. Our findings reveal that business students and men respond differently to price fairness, adding complexity to the overall reaction to price gouging.