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What is the difference between price discrimination and other forms of discrimination?
Profit
The financial gain realized when the revenue generated from a business activity exceeds the expenses, costs, and taxes needed to sustain the activity.
Competitive Industry
An industry where no single firm has a large market share and each firm must compete on price, quality, and innovation to attract customers.
Market Price
The existing rate at which a product or service is available for buying or selling within a marketplace.
Demand
Demand is the quantity of a good or service that consumers are willing and able to purchase at various prices within a given time frame, reflecting their desire and purchasing power.
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