00:01
Assume individuals become more health conscious.
00:04
They decrease their demand for chocolate bars that contains white sugar increases their demand for healthier snacks.
00:14
So now we're given the two diagrams.
00:20
So the one which shows our demand shifting to the right shows the demand for the healthy snacks.
00:30
Because now they are demanding more healthy snacks.
00:33
And then for b, our demand is shifting to the left.
00:37
So this would be demand for the regular chocolate with the white sugar.
00:56
So we have a market structure with single seller that offers a unique product.
01:01
Because of this information, this is a monopoly.
01:04
So we have a single seller that dominates the market.
01:07
It's the only one that offers the unique product.
01:15
So some barriers would be legal protection or restriction on competition.
01:29
Competition so maybe legally there's something that restricts other firms from entering this particular market and another one would be trademark and copyright protection maybe the product is very unique and if another firm tries to copy it then this would be considered copyright infringement so both of these are going to prevent other firms from entering this market so therefore the single seller will dominate the market...
