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Price discrimination

QuestionAnswer
Define price discrimination When goods and services are sold to different consumers at varying ratios between marginal cost and price
What 6 conditions are necessary for price discrimination? Monopoly power. Separation of markets. Differentiation of consumers of different PEDs. Consumer ignorance. Consumer apathy. Consumer attitude.
Types of price discrimination First degree. Second degree. Third degree.
Define first degree price discrimination Consumer surplus is eliminated. Maximum price is charged.
Define second degree price discrimination Price reduction due to bulk buying
Define third degree price discrimination Division of markets based on consumer characteristics
Created by: JackEatonK98
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