_________ appears in a monopoly market (product differentiation / price discrimination / individual differentiation / packing differentiation), Fill in the blank with appropriate alternative given in the bracket.
Answers
Here's your Answer
Price Discrimination.✔✔
Answer: Price discrimination
Explanation:
Price discrimination appears in a monopoly market.
Under monopoly market there is only one seller of a product. A monopolistic seller have full control over supply, price and demand and accordingly sets the price of the product so that it can make maximum profit .
We often find a monopolistic seller charges different consumer with different prices of the same good. This method of charging consumer with different prices for same good is called price discrimination
Price discrimination is the most striking characteristics of a monopoly market which is used by a monopolistic seller to enjoy discretionary pricing power. This strategy is undertaken by a seller to to capture market position or market advantage.
There are three types of price discrimination
i. Personal discrimination:
ii. Geographical:
iii. On the basis of use: