00:01
Once again, welcome to a new problem.
00:05
This time we're dealing with economics.
00:08
We're dealing with economics.
00:09
And when we look at economic data, we have what we call the market power.
00:19
So we have the market power.
00:22
And this is the capacity.
00:26
So this is the capacity for firm.
00:33
Or group of a group of firms to raise and maintain, so to raise and maintain, maintain, maintain prizes, so to raise and maintain prizes above competition level.
01:10
So, you know, in a free market economic system, there is competition.
01:17
So this is supply and this is demand.
01:21
And this is the prizes when markets are competitive.
01:29
This is the equilibrium quantity and this is the equilibrium price.
01:34
But when you have a monopoly, what's going to happen is that they can always control prices.
01:41
And raise their prices higher than the regular prices.
01:48
So what happens is, you know, the demand can always go down and the supply goes up.
01:56
This is quantity supplied and this is quantity demanded.
02:01
So there's a likelihood of having a surplus in the market.
02:08
So they have market power.
02:10
The other thing that can happen is markets can be affected by externalities.
02:21
So an externality is when the consequences, the consequences, either positive or negative, of commercial actions and the consequences can be towards towards contexts.
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Towards contexts.
03:00
So people, it could involve people next to a plant...