Different types of price discrimination  

Price discrimination refers to the practice of charging different prices for the same product or service to different groups of customers. This strategy is employed by businesses to maximize profits by taking advantage of variations in customers' willingness to pay. There are several types of price discrimination:

1. First-degree Price Discrimination (Personalized Pricing): This is the most comprehensive form of price discrimination where each customer is charged their maximum willingness to pay. Businesses gather individualized data on customers' preferences, purchasing history, and other relevant factors to _______ __________ ___ _______ _____ ______ _______ _________ _____.
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