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Heterogeneous Demands
Describes consumer preferences that vary widely, requiring markets to offer a diverse range of products to meet different needs.
Price Discriminate
The practice of charging different prices to different consumers for the same good or service, based on differing willingness to pay.
First-Degree Price Discrimination
A pricing strategy where a seller charges each customer the maximum price they are willing to pay.
Producer Surplus
The difference between the amount a producer is paid for a good versus what they would have been willing to accept, reflecting the benefit to producers from participating in the market.
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