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Updated: May 10, 2025
"In a war between Cathay and Kloomiria, we can't remain neutral if we're ever to serve our friends. Well, the ship is ready!" That came as a surprise to Queeth. He knew the plans were well along, but not that they were completed. As merchant viscount, and second-degree adult, Krhal was entitled to a tenth of his father's interests.
This is sometimes known as the case of perfect price discrimination. Second-degree price discrimination means that the producer sells different units of output for different prices, but every individual who buys the same amount of the good pays the same price. Thus prices depend on the amount of the good purchased, but not on who does the purchasing.
Third-degree price discrimination increases welfare when it encourages a sufficiently large increase in output. If output doesn't increase, total welfare will fall. As in the case of second-degree price discrimination, third-degree price discrimination is a good thing for niche markets that would not otherwise be served under a uniform pricing policy.
Second-degree price discrimination generally provides an efficient amount of the good to the largest consumers, but smaller consumers may receive inefficiently low amounts. Nevertheless, they will be better off than if they did not participate in the market. If differential pricing is not allowed, groups with small willingness to pay may not be served at all.
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