00:01
We're talking about competition and let's remind ourselves what competition is.
00:05
Many firms and many buyers, right, and an identical good, right.
00:14
When we're talking about competition, we're thinking about a situation with many people competing to buy and sell and they're all competing over the same thing, right.
00:23
Price as given.
00:26
This is absolutely correct, right.
00:29
Price is given.
00:30
There are too many people, many for one to affect price, right.
00:37
With many, many, many people, no one person can affect the price.
00:42
B, any number of buyers and sellers.
00:50
This is the mistake, right...