Is it fair to the last person being called on down, compared to the first person being called on down on the game show the price is right?

Yes, they can bet one dollar either way - higher or lower than the other guesses.  The last person has the advantage of knowing what other people think. You have too much time on your hands if you think this is a law/ethics question.

You are correct.  But the last person called to to "come on down" is far more likely to go home with some sort of prize compared to the rest of the people in the audience not called.  

The best chances go to the person called to come on down 4th, as they are the last to make a bid on the first prize and have the most opportunities to bid.  I always feel sorry for the first person who bids and says something like $600 and the second person says $601.  I am surprised I haven't seen someone give that contest a right hook in all these years.

Life isn't fair...

Is this one of those "life isn't fair" things? Because some of us got those lectures from our parents. And in chess, white has the advantage because traditionally they go first. Is that fair? Why would you ever think that that life was supposed to be fair?