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The purpose of price discrimination is to transfer consumer surplus to the producer. Market power is a company's ability to increase prices without losing all its customers.

Any company that has market power can engage in price discrimination. Perfect competition is the only market form in which price discrimination would be impossible a perfectly competitive company has a perfectly elastic demand curve and has no market power.

There are three forms of price discrimination. First degree price discrimination charges each consumer the maximum price the consumer is willing to pay.

Second degree price discrimination involves quantity discounts. Third degree price discrimination involves grouping consumers according to willingness to pay as measured by their price elasticities of demand and charging each group a different price.

Third degree price discrimination is the most prevalent type. There are three conditions that must be present for a company to engage in successful price discrimination.

First, the company must have market power. A company must have some degree of market power to practice price discrimination.

Without market power a company cannot charge more than the market price. A company wishing to practice price discrimination must be able to prevent middlemen or brokers from acquiring the consumer surplus for themselves.

The company accomplishes this by preventing or limiting resale. Many methods are used to prevent resale. For instance, persons are required to show photographic identification and a boarding pass before boarding an airplane.

Most travelers assume that this practice is strictly a matter of security. However, a primary purpose in requesting photographic identification is to confirm that the ticket purchaser is the person about to board the airplane and not someone who has repurchased the ticket from a discount buyer.

The inability to prevent resale is the largest obstacle to successful price discrimination. For example, universities require that students show identification before entering sporting events.

Governments may make it illegal to resell tickets or products. In Boston, Red Sox baseball tickets can only be resold legally to the team.

The three basic forms of price discrimination are first, second and third degree price discrimination. In first degree price discrimination the company charges the maximum price each customer is willing to pay.

The maximum price a consumer is willing to pay for a unit of the good is the reservation price.

Thus for each unit the seller tries to set the price equal to the consumer's reservation price. Sellers tend to rely on secondary information such as where a person lives postal codes ; for example, catalog retailers can use mail high-priced catalogs to high-income postal codes.

For example, an accountant who has prepared a consumer's tax return has information that can be used to charge customers based on an estimate of their ability to pay.

In second degree price discrimination or quantity discrimination customers are charged different prices based on how much they buy. There is a single price schedule for all consumers but the prices vary depending on the quantity of the good bought.

Companies know that consumer's willingness to buy decreases as more units are purchased [ citation needed ]. The task for the seller is to identify these price points and to reduce the price once one is reached in the hope that a reduced price will trigger additional purchases from the consumer.

For example, sell in unit blocks rather than individual units. In third degree price discrimination or multi-market price discrimination [55] the seller divides the consumers into different groups according to their willingness to pay as measured by their price elasticity of demand.

Each group of consumers effectively becomes a separate market with its own demand curve and marginal revenue curve.

Airlines charge higher prices to business travelers than to vacation travelers. The reasoning is that the demand curve for a vacation traveler is relatively elastic while the demand curve for a business traveler is relatively inelastic.

Any determinant of price elasticity of demand can be used to segment markets. For example, seniors have a more elastic demand for movies than do young adults because they generally have more free time.

Thus theaters will offer discount tickets to seniors. The monopolist acquires all the consumer surplus and eliminates practically all the deadweight loss because he is willing to sell to anyone who is willing to pay at least the marginal cost.

That is the monopolist behaving like a perfectly competitive company. Successful price discrimination requires that companies separate consumers according to their willingness to buy.

Determining a customer's willingness to buy a good is difficult. Asking consumers directly is fruitless: consumers don't know, and to the extent they do they are reluctant to share that information with marketers.

The two main methods for determining willingness to buy are observation of personal characteristics and consumer actions.

As noted information about where a person lives postal codes , how the person dresses, what kind of car he or she drives, occupation, and income and spending patterns can be helpful in classifying.

Monopoly, besides, is a great enemy to good management. According to the standard model, in which a monopolist sets a single price for all consumers, the monopolist will sell a lesser quantity of goods at a higher price than would companies by perfect competition.

Because the monopolist ultimately forgoes transactions with consumers who value the product or service more than its price, monopoly pricing creates a deadweight loss referring to potential gains that went neither to the monopolist nor to consumers.

Deadweight loss is the cost to society because the market isn't in equilibrium, it is inefficient. Given the presence of this deadweight loss, the combined surplus or wealth for the monopolist and consumers is necessarily less than the total surplus obtained by consumers by perfect competition.

Where efficiency is defined by the total gains from trade, the monopoly setting is less efficient than perfect competition.

It is often argued that monopolies tend to become less efficient and less innovative over time, becoming "complacent", because they do not have to be efficient or innovative to compete in the marketplace.

Sometimes this very loss of psychological efficiency can increase a potential competitor's value enough to overcome market entry barriers, or provide incentive for research and investment into new alternatives.

The theory of contestable markets argues that in some circumstances private monopolies are forced to behave as if there were competition because of the risk of losing their monopoly to new entrants.

This is likely to happen when a market's barriers to entry are low. It might also be because of the availability in the longer term of substitutes in other markets.

For example, a canal monopoly, while worth a great deal during the late 18th century United Kingdom, was worth much less during the late 19th century because of the introduction of railways as a substitute.

Contrary to common misconception , monopolists do not try to sell items for the highest possible price, nor do they try to maximize profit per unit, but rather they try to maximize total profit.

A natural monopoly is an organization that experiences increasing returns to scale over the relevant range of output and relatively high fixed costs.

The relevant range of product demand is where the average cost curve is below the demand curve. Often, a natural monopoly is the outcome of an initial rivalry between several competitors.

An early market entrant that takes advantage of the cost structure and can expand rapidly can exclude smaller companies from entering and can drive or buy out other companies.

A natural monopoly suffers from the same inefficiencies as any other monopoly. Monopoly's niece and nephew, Sandy and Andy.

Monopoly has a second nephew named Randy, although the Monopoly Companion mistakenly refers to Sandy as a boy. Monopoly has a wife named Madge. In , a staff member [10] of the activist group Public Citizen dressed as Mr.

Monopoly with added monocle gained Internet and media attention [11] by photobombing the CEO of Equifax during a US Senate hearing relating to that credit bureau's data security breach from earlier that same year.

While Google CEO Sundar Pichai testified before Congress on December 11, , a person costumed in a white mustache and black bowler hat as the Monopoly Man was among those seated behind him.

Das Online-Spiel endete offiziell am 9. Dezember Diese generierten täglich Mieteinnahmen, die für weitere Investitionen zur Verfügung standen.

Aufgrund hoher Zugriffszahlen waren die Spielserver in den ersten Tagen kaum erreichbar und Spielen somit nahezu unmöglich. Weiterhin traten viele Fehler auf wie beispielsweise doppelt vergebene Spielernamen.

Deswegen wurde das Spiel am September neu gestartet: Alle Accounts und deren Besitzer wurden gelöscht, einige Regeln geändert und Fehler behoben.

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