A major difference between a monopolist charging only one price and a perfectly competitive firm is that A the monopolist's marginal revenue is less than the price. B. the monopolist can always increase his profits by raising the price of his product. C. the monopolist can maximize his profit by pricing the product where demand is inelastic. D. the monopolist is guaranteed to make an economic profit.

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Price Discrimination

Price discrimination or differential pricing is based on the principle that the seller will charge the buyer a price based on the buyer’s ability and willingness to pay for the product rather than applying uniform pricing for all.