-- This is not accurate. Elsevier journals also charge huge amount of fees (around or over $1000 depends on the journals) from academics for submitting and/or publishing their manuscripts.
--edit: changed submitting to submitting and/or publishing
This is not an accurate description. Non-open journals journals have started to offer the option that you can pay that, maybe $1000 (varies a lot), publication fee if you want the journal to publish your article as open access. But this is optional.
Yes, and Elsevier has open access journals with APCs (article publishing costs).
https://www.elsevier.com/journals/journal-of-financial-econo...
Maybe the Economics community has problems to find reviewers, the journal is resorting to that trick to find some balance between submitted manuscripts and available reviewers.
https://www.elsevier.com/about/policies/pricing
The document can be downloaded using the link below https://www.elsevier.com/books-and-journals/journal-pricing/...
(Also, journals charge for things like color images, etc).