Which of the following goods belong in a competitive market,...

Which of the following goods belong in a competitive market, and which belong in an imperfect market? Items (6 items) (Drag and drop into the appropriate area below) gasoline bought at gas stations at a busy interstate exit all the fast-food restaurants in your town electricity providers university education a furniture store in an isolated small town a fresh produce stand at a farmers' market Categories Competitive markets Imperfect markets

Transcript

00:01 So here we have three markets.

00:02 We're told about the market for gasoline.

00:05 We're told about the market for haircuts.

00:10 And we're asked about the market for bicycles.

00:15 And we have to say which of these characteristics apply, right? large number of buyers.

00:23 Actually, let me do, this makes more sense.

00:27 Large number of buyers.

00:29 Yeah, there are many people who buy gasoline, absolutely.

00:34 Millions, if not billions of people buy gasoline, 100%.

00:37 Many people buy haircuts, absolutely.

00:40 Everyone needs to get their haircuts.

00:41 Lots of people buy low -end haircuts.

00:44 Bicycles, yeah, millions of people buy bicycles.

00:47 Absolutely.

00:48 So all of these markets have a large number of buyers, right? standardized.

00:58 Gasoline is absolutely standardized.

01:00 It's regulated by the government.

01:02 So, haircuts are not standardized, however.

01:05 Different people will give you different haircuts, right? not everyone is going to give you the same.

01:11 Bicycles, i would say full information, i would say, yeah, it's hard to tell.

01:22 But, you know, can you tell all details? some people would look at a bike and they can say, yeah, i can tell about the construction materials.

01:31 I can tell about, you know, the quality of manufacture, how good the parts are.

01:39 So i think you, not everyone will be able to appreciate.

01:44 Oh, sorry, i was looking at full information.

01:47 These are not standardized.

01:49 There's no such thing as a standardized bike.

01:51 I moved ahead to see.

01:52 My apologies.

01:53 Bikes are different, right? when you buy bikes from different manufacturers, they are different...

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