What does the term 'exorbitant' mean?

The term 'exorbitant' is defined as exceeding all bounds of custom, propriety, or fairness. It often describes something, such as a price or fee, that is unreasonably high or excessive. In contexts like pricing, an exorbitant amount suggests that it far surpasses what is typically expected or reasonable in that circumstance. This kind of extreme excess conveys the idea that the cost is not just high, but unreasonably so, and thus can lead to the impression of being unjust or unfair. Understanding this term is important, particularly in discussions about economics, business ethics, or negotiation, where fairness and normativity play significant roles.