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Question
Ram an employee and Shyam an elderly citizen was travelling by train from Delhi to Chennai separately. However, the cost of their tickets is different. Give reasons for the railways charging different prices to different customers.
Solution
The act of selling the same product at different prices to different buyers is known as price-discrimination. A monopolist can charge different prices from his different buyers easily. If a monopolist adopts a policy of price-discrimination, the situation is called discriminating monopoly.
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