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Doctors Medicines MCQs Q&A

  1. A, B and C only
  2. A, C and D only
  3. B, D and E only
  4. B, C and D only
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Option 2 : A, C and D only

The correct answer is A, C and D only.

Price discrimination:

Price discrimination occurs when a seller charges different rates for the same good or service to different customers for reasons unrelated to variations in cost.

Conditions that a firm must meet to practice Price Discrimination

  • The seller must have some degree of control over the product's supply. It takes monopoly strength like this to differentiate prices.
  • The market should be split into at least two submarkets by the seller (or more).
  • The product's price elasticity must vary depending on the market. Therefore, the monopolist can set a high price for those purchasers whose price-elasticity of demand for the product is less than 1.
  • In other words, even if the supplier raises the price, these customers do not cut back on their purchases.
  • The product shouldn't be able to be sold to customers from the high-priced market by low-priced customers.
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