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Which of the ...

Question

Which of the following refers to charging different prices from different buyers of the same good?

A

Contraction of price

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B

Extension of price

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C

Price discrimination

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D

Price control

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Solution

The correct option is C
Price discrimination

The act of selling the same product at different prices to different buyers is known as price discrimination. This situation prevails under monopoly as they can charge different prices from different buyers easily.

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Q. Give reasons or explain:

1. Single price prevails in perfect competition.

2. Price discrimination is possible under monopoly.

3. Selling cost is incurred by a firm in Monopolistic competition.

4. A monopolist can control the supply of goods.

5. Sellers and the buyers are price takers in perfect competition.

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