00:01
So here we're talking about supply.
00:01
And let's remember what a vertical supply curve is.
00:04
So if we think of quantity and price, right? what we mean by a vertical supply curve is a thing that is completely vertical, right? so what we need here is no change in quantity, right, regardless of the price.
00:23
So let's talk about some things that could happen.
00:26
So the obvious one is sort of unique items.
00:30
And so here's an example i'll give of that.
00:32
For example, the mona lisa, right? there is only one.
00:37
There can only be one, right? there's no possibility of finding anything else.
00:41
There's simply only one of these things, and there's nothing anyone can do about it, right? so there's sort of a unique single item, and that unique single item, you can never produce any more of them.
00:53
It's simply impossible to produce more.
00:56
Another good example is sort of where you have sort of a fixed number of spaces.
01:04
So a good example for this might be, for example, a parking lot or a stadium.
01:14
For example, for a concert or for the super bowl, right? if you have the super bowl and the super bowl is being held at a particular stadium, then you can only offer tickets equal to the number of seats or equal to the amount at which point the fire marshal shut you down, right? there is a true fixed amount of these things.
01:37
There's no way to increase the supply of these things...