Suppose the local pharmacy charges different prices to senior citizens than it charges to younger customers. The pharmacy should charge the senior citizens less than the younger customers if:

third-degree price discrimination

Explanation:

Third - degree price discrimination -

It refers to the practice of discrimination, i. e., unfair treatment, where people tends to ask for different price for the same goods and services, is referred to as third - degree price discrimination.

The discrimination can be on the basis of time, location, age, gender etc.

This type of discrimination is very common observed in the day to day activities.

Hence, from the given scenario of the question,

The correct term is Third - degree price discrimination.