Examlex
Open shop: Workers may choose to join or not join an union (applies in 22 states,called right-to-work states).
Reservation Price
The maximum price a consumer is willing to pay for a good or service or the minimum price a seller is willing to accept.
Additional Profit
The increase in profit that results from an additional unit of sale or from adopting a new strategy beyond the normal operations.
Price Discrimination
A pricing strategy where identical or substantially similar goods or services are sold at different prices by the same provider in different markets.
Third-degree Price Discrimination
A pricing strategy where a firm charges different prices to different groups of consumers for the same product, based on their willingness to pay.
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