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In second-degree price discrimination: Group of answer choices the monopolist knows the type (their willingness to pay WTP) of each and every consumer the monopolist
In second-degree price discrimination: Group of answer choices the monopolist knows the type (their willingness to pay WTP) of each and every consumer the monopolist extracts all of the surplus from each type of consumer the monopolist knows the WTP for each type of consumer, but cannot identify which type of consumer any individual is (before the purchase the product) the monopolist uses the bundles of price/quantity or price/quality to induce consumers to reveal their type (WTP) by their purchase decision. c and d
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