Distinguish between price control and price discrimination.
Price control is the act by which the government fixes prices of commodities with the aim of either protecting consumers (maximum price)or protecting the producer (minimum price).
Price discrimination is the process (practice) of selling the same commodity to different consumers at different prices by the same seller in a given period of time, for reasons not associated with costs. For example prices of entertainment tickets at different costs for public and students or children and adults.
CATEGORIES Economics
TAGS Dr. Bbosa Science