Price discrimination refers to the discrepancy between the amount people are willing to pay and the price they actually pay. When businesses charge different prices to specific customers (or groups of customers) for the same goods or services, this is known as price discrimination.
In other words, they set different pricing for various clients depending on the highest amount each customer is prepared to pay, rather than charging all consumers the same price. When a merchant uses pure price discrimination, they charge each consumer the most they are willing to spend.
In more prevalent types of price discrimination, the supplier divides clients into groups based on particular characteristics and assesses a different price to each group.
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