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Which of the following are necessary conditions for successful price discrimination?
a. zero transactions costs
b. a perfectly competitive market structure
c. an imperfectly competitive market structure
d. at least two different markets with different price elasticities of demand
e. at least two different markets with different price elasticities of supply
Homogeneous Products
Goods that are perfect substitutes for each other; they are identical in quality, function, and appearance.
Mutual Interdependence
A situation in a market where the actions of one firm significantly impact the profitability of other firms within the same market.
Barriers to Entry
Obstacles that make it difficult for new competitors to enter a market, including high startup costs, strict regulations, or strong incumbents.
Excess Capacity
The situation where a firm or economy can produce more goods or services than currently produced, indicating under-utilization of resources.
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