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December 9, 2022 

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FIRST-DEGREE PRICE DISCRIMINATION: A form of price discrimination in which a seller charges the highest price that buyers are willing and able to pay for each quantity of output sold. This is also termed perfect price discrimination because the seller is able to extract ALL consumer surplus from the buyers. This is one of three price discrimination degrees. The others are second-degree price discrimination and third-degree price discrimination.

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PRICE ELASTICITY OF DEMAND: The relative response of a change in quantity demanded to a relative change in price. More specifically the price elasticity of demand can be defined as the percentage change in quantity demanded due to a percentage change in demand price. The price elasticity of demand should be compared with the price elasticity of supply.

     See also | elasticity | price elasticity of supply | price | demand curve | law of demand | quantity demanded | cross elasticity of demand | income elasticity of demand | elasticity alternatives, demand |


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PRICE ELASTICITY OF DEMAND, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2022. [Accessed: December 9, 2022].


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ECONOMIES OF SCALE

Declining long-run average cost that occurs as a firm increases all inputs and expands its scale of production. Economies of scale result from increasing returns to scale and are graphically illustrated by a negatively-sloped long-run average cost curve. Economies of scale usually occur for relatively small levels of production and are then overwhelmed by diseconomies of scale for relatively large production levels. Together, economies of scale and diseconomies of scale create a U-shaped long-run average cost curve.

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