ECONOMICS
COMPETITION AND MARKET STRUCTURES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Price discrimination
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Interdependent Pricing
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Price competition
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The Price is Right with Bob Barker
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Detailed explanation-1: -Price discrimination is a sales strategy of selling the same product or service to different customers for different prices.
Detailed explanation-2: -Types of Price Discrimination These degrees of price discrimination are also known as personalized pricing (1st-degree pricing), product versioning or menu pricing (2nd-degree pricing), and group pricing (3rd-degree pricing).
Detailed explanation-3: -Answer and Explanation: Price discrimination is the practice of offering the same product to different customers at different prices.
Detailed explanation-4: -An example of price discrimination is D. Both a and b (an airline charging higher prices for business travelers than for leisure travelers and a movie theater charging higher prices for evening showings than for afternoon showings). Business travelers are willing to pay more for their tickets, so they are charged more.
Detailed explanation-5: -First Degree Price Discrimination Also known as perfect price discrimination, first-degree price discrimination involves charging consumers the maximum price that they are willing to pay for a good or service.