The practice of charging different prices on the basis of varying customer preferences is known as:

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Price discrimination refers to the practice of charging different prices for the same product or service to different customers based on their willingness to pay. This strategy is employed to increase profits by extracting more revenue from high-value customers while still attracting price-sensitive customers. Arbitrage involves exploiting differences in prices between different markets, discounting is a reduction in the published price, and rationing involves limiting the quantity of a product that can be purchased.

The Practice of Charging Different Prices on the Basis of Varying