Price discrimination essentially refers to a practice of charging different prices from different consumers in different markets by a monopolist. However, it may depend on factors such as consumer’s willingness to pay and elasticity of demand in different markets.
There is a broad sphere of price discrimination which is categorised into three parts:
First Degree Price Discrimination or Personalized Pricing
Second Degree Price Discrimination or Product Versioning
Third Degree Price Discrimination or Group Pricing
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