Perfect price discrimination involves charging buyers their entire willingness to pay, maximizing profits for the seller.
Perfect price discrimination, also known as first-degree price discrimination, involves the ability to charge different buyers their entire willingness to pay for goods with identical production costs. This strategy allows the seller to charge the maximum price each buyer is willing to pay, eliminating consumer surplus and maximizing profits. Through perfect price discrimination, the seller can charge a high price for the first unit and progressively lower prices for additional units.
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