Price discrimination is the: C. selling of a given product at more than one price when the price difference is unrelated to cost differences.
Price refers to an amount of money that is required to be paid by a buyer (customer) to a seller (producer) in order to acquire a particular good or services, at a specific period of time.
Price discrimination can be defined as a situation in which a business firm (producer) sells an identical product to different consumers at different selling price, based on reasons that are not in any way associated or related with the product's manufacturing cost.
Hence, price discrimination involves the sales of an identical product at more than one price to different consumers, when the price difference is unrelated to cost differences.
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