price discrimination
/ˈpraɪs dɪˌskrɪmɪˈneɪʃən/
charging different prices to different customers for the same product
price discrimination in a sentence
“Student discounts are a form of price discrimination.”
Origin of price discrimination
From price + discrimination (Latin discriminare to divide)
Related Words
supply and demand
the relationship between availability and desire that determines price
elasticity
the responsiveness of demand or supply to price changes
marginal cost
the cost of producing one additional unit
equilibrium
a state where supply equals demand
scarcity
the fundamental economic problem of unlimited wants and limited resources
utility
the satisfaction or benefit derived from consuming a good