• A firm must have some market power to price discriminate.
. The firm must have some information about the different amount people will pay for its product.
. a firm must be able to prevent a resale, or arbitrage. If the firm cannot prevent resale, then a customer who buys at a low price can act as a middleman, buying at a low price and reselling the good to other customers who are willing to pay more for it. In that case, the middleman, not the firm that sells the good initially, captures the surplus.
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What is the difference between uniform pricing and price discrimination?
When firms sell their products in more than one [geographic] market, they may either charge the same price across markets [uniform pricing] or they may charge differentiated prices according to the specific market conditions [price discrimination].
What is the difference between uniform pricing and price discrimination quizlet?
c] With uniform pricing firms charge the same price for the same good or service and with price discrimination the firms charge different prices for the same good or service.
What are the two 2 types of price discrimination?
First-degree price discrimination involves selling a product at the exact price that each customer is willing to pay. Second-degree price discrimination targets groups of consumers with lower prices made possible through bulk buying.
What is single price discrimination?
A single-price monopoly is a firm that must sell each unit of its output for the same price to all its customers. DeBeers sell diamonds [quality given] at a single price. Price Discrimination. A price-discriminating monopoly is a firm that is able to sell different units of a good or service for different prices.