Firms that practice third-degree price discrimination charge each consumer group a different price.

Name: Firms that practice third-degree price discrimination charge each consumer group a different price.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Third-degree price discrimination involves charging different prices to different consumer groups based on factors such as age, location, income, or willingness to pay. This allows firms to capture more of the consumer surplus and maximize profits.

Firms That Practice Third-Degree Price Discrimination Charge Each Consumer Group