Surge price refers to the temporary increase in the cost of a product or service, typically due to high demand or limited availability. This pricing strategy is commonly used by businesses to maximize profits during peak periods, such as holidays or special events. It can also be seen in the transportation industry, where surge pricing is applied to ridesharing services during busy times. While surge pricing may be beneficial for businesses, it can be frustrating for consumers who are faced with higher prices. However, it is important to note that surge pricing is a dynamic and market-driven approach that allows businesses to balance supply and demand, ultimately benefiting both the company and the consumer.