Which of the Following Correctly Describes Price Discrimination

question 60

Multiple Choice

Which of the following correctly describes price discrimination?

• A) Selling different products to different people for the same price.
• B) Selling different products to identical people for different prices.
• C) Selling the same product to different people for different prices.
• D) Selling the same product to the same person for the same price.

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Definitions:

Good X

An unspecified product or commodity in economics, used in theoretical models and discussions.

Producer Surplus

The difference between the actual price producers receive for a product and the minimum price they would accept.

Supply Curve

A graphical representation of the relationship between the price of a good and the quantity supplied by producers.

Value

The importance or worth that is attached to something by individuals or society, often reflected in what people are willing to exchange or pay for it.