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PRICE DISCRIMINATION: Charging different prices to different buyers for the same good. This is an age old practice for suppliers who have achieved some degree of market control, especially those with a monopoly. The reason for price discrimination, of course, is higher profit. To be a successful price discriminator you must be able to do three things--(1) have market control and be a price maker, (2) identify two or more groups that are willing to pay different prices, and (3) keep the buyers in one group from reselling the good to another group. In this way, you will be able to charge each group what they, and they alone, are willing to pay.
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CONSTANT-COST INDUSTRY A perfectly competitive industry with a horizontal long-run industry supply curve that results because expansion of the industry causes no change in production cost or resource prices. A constant-cost industry occurs because the entry of new firms, prompted by an increase in demand, does not affect the long-run average cost curve of individual firms, which means the minimum efficient scale of production does not change.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time watching infomercials hoping to buy either decorative garden figurines or a wall poster commemorating last Friday (you know why). Be on the lookout for defective microphones.
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This isn't me! What am I?
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Lewis Carroll, the author of Alice in Wonderland, was the pseudonym of Charles Dodgson, an accomplished mathematician and economist.
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"What we have done for ourselves alone dies with us; what we have done for others and the world remains and is immortal." -- Albert Pike
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EER
European Economic Review
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