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jack up the price meaning?

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What is the meaning of "to jack up the price" idiom?
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Idiom Conjugations:

 
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Gerund Form of the Idiom:

Jacking up the price according to circumstance can be considered good business.
 
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Idiom Usage:

Alternate form:
Jack up the price(s)
Often, the meaning of jack up the price gives the idea that prices are raised unfairly or because the seller is taking advantage of circumstances.
 
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Idiom Scenario 2:


In a certain small town, there were two grocery stores.  Having two grocery stores meant that there was competition and that prices remained low.  Recently, one of the grocery stores went out of business.  As a result, the remaining grocery store was able to ...
jack up the prices ...
because there was no longer any competition.  If people wanted to have food to eat, then they would have to pay the higher prices.
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Idiom Scenario 1:


Bill is the owner of a used car business.  One day, Bill sees a man, who appears to be young and naive, enter his car lot.  The young man is showing an interest in a fancy sports car.  Bill thinks that the young man is eager to buy the fancy sports car and that the young man really doesn't know much about used cars.  As a result, Bill decides to ...
jack up the price.
By raising the price, Bill hopes to make more money on the sale.
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Idiom Definition:


"to jack up the price"
to raise the price of an item that is offered for sale
 
Synonyms:
amount, aggrandize, amplify, augment, boost, escalate, exaggerate, increase, inflate, inflation, maximize, pad, price, raise, surcharge
 
 
This man is literally jacking up the price. - - - - ->  a workman dressed in a uniform and cap is operating a floor jack.  He is jacking up the words "jack up the price" together with a dollar sign.




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