In New York City's Chinatown,tourists flock to shops to buy souvenirs from local retailers.Each store sells similar items,but each salesperson tries to determine a customer's reservation price before reaching a deal.In this scenario,the salesperson is attempting

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Perfect price discrimination involves selling a product or service at different prices to different customers based on their willingness to pay. In this scenario, salespeople in Chinatown are trying to determine each customer's reservation price, which is the maximum amount a customer is willing to pay, in order to charge them accordingly. This strategy aims to capture as much consumer surplus as possible by tailoring the price to each individual customer's valuation of the item.

In New York City's Chinatown,tourists Flock to Shops to Buy