Define or explain the following concepts: 2. Price discrimination

Define or explain the following concepts:

2. Price discrimination

Answer: 


Price discrimination implies charging different prices for the same product from different buyers at the same time. Such discrimination is generally enjoyed by a monopolist. In other words, he can sell the same product to different buyers at different prices at same or different time periods. Possibility of following Price discrimination is one of the important features of monopoly.

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