00:01
So here we've got a discussion on market structure.
00:03
We have perfect competition.
00:11
We have monopoly and we have monopolistic competition.
00:22
And we have to evaluate these market structures on different attributes, right? so the first one is free entry and exit, but we'll just say free entry.
00:39
Negative down or let's just say downward demand downward demand and product differentiation and few sellers so some of these are easier than others right let's try to do the easy one i'm going to start for a few sellers one the definition of monopulate is only one cellar right so we shouldn't monopolies got to have just one seller otherwise something is very very wrong but for the other two competition competition relies on this idea of having many many many sellers so for competition there are many sellers and monopolistic competition there are many sellers as well in perfect competition everyone sells the same product however but in monopolistic competition people sell different product.
01:50
So there are many people in both forms of competition.
01:53
That's what the competition is saying, many people.
01:57
But in monopolistic, they can sell slightly different products, so they have a slightly different nature to their fight.
02:04
They also both are characterized by free entry, right? that's, again, part of competition.
02:14
You can join a competitive market at any time.
02:16
There are no barriers to entry and in particular you have to have that in terms of competition...