Explain the concept of price discrimination with reference to first degree price discrimination.

Price Discrimination:

Price discrimination refers to the practice of charging different prices to different groups of customers for the same product or service, based on various factors such as their willingness to pay, demographics, location, or purchase history. Price discrimination allows firms to capture more consumer surplus and increase their profits by tailoring prices to different segments of the market.

There are three main degrees of price discrimination, ranging from the most personalized to the least:

1. First Degree Price Discrimination: This is _________ ________ _______ ______ __________ _______ _____ _______ _____.
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