Select the strategy the firm is utilizing. Know the Future, Inc. is able to charge each customer exactly the most each is willing to pay for a psychic reading because, well, they're psychic and can read minds. 1st degree price discrimination 2nd degree price discrimination 3rd degree price discrimination two-part pricing peak load (aka surge) pricing bundling cross-subsidization transfer pricing limit pricing predatory pricing first-mover advantage Osecond-move advantage O penetration pricing O raising a rival's marginal costs O raising a rival's fixed costs vertical foreclosure price-cost squeeze Oprice matching O inducing brand loyalty

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Comparative Advantage and Absolute Advantage Analysis

The theory of absolute advantage was given by Adam Smith in the year 1776.