Bindy, an 18-year-old high school graduate, and Luciana, a 40-year-old college graduate, just purchased identical hot new sports cars. Acme Insurance charges a higher rate to insure Bindy than Luciana. This practice is an example of:

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03-07-2021
Business

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Bindy, an 18-year-old high school graduate, and Luciana, a 40-year-old college graduate, just purchased identical hot new sports cars. Acme Insurance charges a higher rate to insure Bindy than Luciana. This practice is an example of:

Sagot :

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Parrainidn Parrainidn · Answer 1 · 2021-07-05T22:24:23-04:00

Answer: Price discrimination

Explanation:

Price discrimination refers to a practice where different consumers are charged varying prices based on certain demographic factors.

This practice is very prevalent in insurance due to the various risks that different demographical populations provide. In this instance for instance, the 18 year old is charged higher because young people are known to be more rash when driving owing to them having less experience and being more prone to act impulsively which can lead to accidents.

Sagot :

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