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Why might a producer practice price discrimination?
Ceteris Paribus
A Latin phrase meaning "all other things being equal," used in economics to isolate the effect of one economic variable from the influence of others.
Normative Economics
A branch of economics that deals with value judgments about what the economy should be like, focusing on what ought to be rather than what is.
Post Hoc
Post hoc refers to a logical fallacy where it is assumed that if one event occurs after another, it must have been caused by the first event.
Inductive Reasoning
A method of reasoning in which specific observations or sets of observations are used to make broad generalizations.
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