1. What is price discrimination and under what market conditions is it possible?

2. How do differences in price elasticity of demand enable firms to practice price discrimination?

3. What are the main ways firms can price discriminate based on quantity, time, and consumer characteristics?

1. What are three common real-world examples of how firms practice price discrimination?

1. What is perfect price discrimination and why is it rarely achieved in practice?

2. Which type of firm has the most market power to practice perfect price discrimination?

1. At what point should a firm produce to maximize profit when price discriminating?

2. What is consumer surplus and how does price discrimination affect it?

3. How does perfect price discrimination eliminate deadweight loss and transfer surplus to producers?