this post was submitted on 05 Aug 2023
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Because of third-degree price discrimination (not discrimination with the negative connotation).
This is literally economics 101 for how to maximize profit when you have a monopoly. You find a way to sell the same thing for different prices depending on the customer's ability to pay
There are some arguments and scenarios which support price discrimination, OP's article is a prime example. Price discrimination encourages firms to sell more output (at all levels), which enables more customers to purchase goods at each of their willingnesses-to-pay. The natural consequence is, yes, the producer captures more profit. This seems ideal if we are to accept the theory of a capitalist economy.
Monopolies do exert a great deal of control over price and therefore price discrimination to the detriment of the market, but reasonably competitive firms also have some influence over price in ways that are supplemental to the market.
Nice series of comments!
That’s so kind, thank you! I am studying economics and the discussion helped reinforce a lot of fundamental learning.