> Why should they have dropped the price on the phone?

Because price gouging is immoral.

If Apple was on the margins financially and needed to raise prices to stay in business, that would be one thing. Apple, however, is replete with surplus assets and is taking hard-earned money from other peoples' pockets simply because it can.

There are an awful lot of far more economically productive uses the proceeds of Apple's defacto price increase could be put towards instead of further enriching Apple senior management and shareholders.