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Dec 21, 2021 | » | We The Consumers
5 min; updated Sep 5, 2022
Product Differentiation and Price Discrimination Product differentiation seeks to distinguish a product from a competing product to make it more attractive to a specific target market. Price discrimination occurs when the same goods/services are sold at different prices from the same company. The Captain Samuel Vimes “Boots” theory of socio-economic unfairness: the rich man who bought the high quality $50 pair of boots would still be using them in 10 years, while the poor man who buys the $10 pair would have spent $100 on boots in the same time, and still be worse off.... |