There are when a bunch of people buy up the entire supply, and try to resell it at 5x the rate.
> Gouging disincentivizes hoarding.
Only after the gougers have hoarded everything they can.
The gougers in this case aren't making any more toilet paper appear in the world. The factories aren't making more of it, just because a few people bought it out, because the global demand for it is constant. They simply created an artificial shortage, and introduced themselves as a parasitic middleman.
Things don't happen in a vacuum. If the gougers create an artificial shortage, then there is money to be made by increasing the supply. In fact, there'll be plenty of money to be made selling to the would-be gougers. The supply is not fixed and gouging will increase the supply.
1. The absolute supply of toilet paper on a long-term timescale will not increase.
2. The cost of increasing manufacturing capacity may not be worth the increased revenues from selling into a two-week shortage.
3. There's a lag time. By the time you increasing manufacturing capacity, and get paper into groceries, the demand curve would have flattened out.
4. There isn't an actual shortage, there are some very localized shortages, which will get smoothed out once supplies sitting in warehouses get to store shelves. Nobody in Mexico increases toilet paper manufacturing capacity because the corner store across my apartment is out. Nobody working in grocery logistics is going to be calling people in to work overtime to deal with this, either.
Anti-gouging laws mean that you'll either do without or pay even higher prices for black market goods. The more you punish black marketeers, the higher go the prices you'll have to pay.