Answer :
Final answer:
Price discrimination is when a firm charges different customers different prices for the same product based on factors such as willingness to pay or location.
Explanation:
When a firm charges different customers different prices for the same product, it is engaged in price discrimination. Price discrimination occurs when a company sets different prices for the same good or service based on various factors such as the customer's willingness to pay, location, or purchasing power. For example, airlines often charge different prices for seats on the same flight based on factors like the time of booking or the flexibility of the ticket.
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