Price discrimination is to monopolists as what practice is to firms in perfect competition?

Price discrimination is when a monopolist charges different prices to different customers for the same product based on their willingness to pay. In contrast, firms in perfect competition typically use a practice called uniform pricing, where they sell their products at the same price to all customers. This is because, in perfect competition, many firms sell identical products, and if one firm tries to charge more, customers will simply buy from another firm. For example, if all lemonade stands in a park charge $1 for a cup, no single stand can raise the price without losing customers. Therefore, while monopolists can set different prices, firms in perfect competition must keep their prices the same to remain competitive.