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Sagot :
The practice of charging different prices to different consumers for the same product is called price discrimination.
Price discrimination is a selling strategy which charges the customers different prices for the same product or service. This discrimination is based on what the seller thinks they can get the customer to agree to.
This situation of price discrimination prevails under monopoly market as they can charge different prices from different buyers here easily. This strategy is used by businesses in order to maximize revenue by charging customers different prices based on their willingness to pay.
Hence, businesses and companies practice price discrimination in order to maximize their profits.
To learn more about price discrimination here:
https://brainly.com/question/17272240
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