What is the definition of price discrimination in economics?

Price discrimination in economics is when a company charges different prices for the same product or service based on certain factors, like the customer's age, location, or how much they are willing to pay. This practice allows businesses to maximize their profits by capturing more consumer surplus, which is the difference between what buyers are willing to pay and what they actually pay. For example, a movie theater might charge lower prices for children and seniors while charging full price for adults, allowing them to attract more customers who might not otherwise attend. Price discrimination can benefit both businesses and consumers, as it can make products more accessible to different groups. However, it can also raise questions about fairness and equality in pricing.