00:01
All right, so which of these applies to a purely competitive producer? so, perfectly competitive, purely competitive, same difference.
00:09
What's characteristic of these markets? well, these are going to be identical, literally identical products.
00:20
So that can tell us a lot about it.
00:24
First of all, we can eliminate c and d because everything is the same.
00:32
Literally exactly the same.
00:35
So the product isn't slightly different.
00:37
That's definitely not true.
00:39
Perfectly competitive.
00:40
Again, this is perfectly competitive.
00:42
It's ideal.
00:43
This isn't very, there isn't sort of a real example of this because it's more ideal...