In the context of price discrimination, firms utilize different pricing strategies based on consumers' willingness to pay, which allows them to capture consumer surplus. This practice is known as __________.

In the context of price discrimination, firms use different pricing strategies to charge different prices to different consumers based on how much they are willing to pay. This practice is known as price discrimination. For example, a movie theater might charge lower prices for children and seniors while charging adults a higher price. By doing this, the theater captures more consumer surplus, which is the difference between what consumers are willing to pay and what they actually pay. This strategy helps businesses maximize their profits while also making their products accessible to a wider range of customers.