00:01
So here we're looking at a problem where it's just asking us the basics of monopolistic competition.
00:07
So the first one we know that there's going to be a lot of sellers.
00:12
So in the monopolistic competition market, it's different from monopoly because it's not just one firm.
00:19
So one of the first characteristics are many sellers.
00:25
Another characteristic is that you're going to be having differentiated products.
00:30
So everybody is selling something a little bit different, something different from, let's say, the wheat market.
00:39
Wheat is generally going to be the same.
00:41
Sugar is another thing or flour are things where products aren't differentiated.
00:45
In our case, we're going to be having things like haircuts, medicine, cookies, things where each company will have a slightly different twist on a product...