Last time ammo supply got short the manufacturers made more and the price went down. They don't want to repeat that "mistake." The problem is a lack of competition in the ammunition market.
There's a simple test for any market for whether it's competitive or not. Can the largest manufacturer stop producing without affecting the price? If the answer is "no," then the market isn't competitive. In a healthy free market there are enough producers of any given commodity that one producer doesn't have the power to affect prices.
That's a good test.
If you're an ammo producer and people have no choice but to buy your ammo, why wouldn't you want the current situation to continue? You can run your existing factory at full bore and make record profits. If you take all that extra money and invest in more factories you're just going to drive down the price and your margin per unit will decrease.
Well, if there's potential for competition then driving prices up (or even destabilising them) will incentivise competition. Whether in the form of other manufacturing companies springing up, or reloading becoming more popular.
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