1) Based on the context of economics, define the following terms: A) Discriminating

A) Discriminating- Discriminating or price discrimination refers to the difference in prices charged by a firm which means a monopoly can charge different prices from different consumers. Price discrimination is of three types: perfect price discrimination, second-degree price discrimination, third-degree price discrimination.

B) Maximizing Profits- Profit maximization refers to the point where the firm maximizes its profit and minimizes its cost which means there is no point other than that point where the profit can be at its highest point. Profit is maximized where marginal revenue is equal to the marginal cost.

C) Marking up- Mark-up refers to the value that a firm adds to the cost price of a product. The extra value that is added to the firm's cost is called the markup.

D) Framing- A framing is a way choice are presented and described by a firm or consumer.

2) when a price is presented in context to another firm then framing defines this scenario.