00:01
Okay, so let us understand the meaning of monopoly.
00:09
So it is the situation where single in the economy shares the, holds the largest market share.
01:07
Example, windows developed by microsoft.
01:23
So monopoly is actually a situation where single firm controls the whole market.
01:32
So you can influence from the example that what i have meant that windows is developed by microsoft and almost on every bc the windows is installed.
01:44
So that is the actually meaning of this that windows, the microsoft shares the largest share in the operating system.
01:54
Market okay but now what happens that if the let's say suppose the operating the features of operating system okay so let's not start with that we will we will say that a monopoly is the situation where single firm shares the whole market okay however let's suppose there are five firms okay, not five, let's have four.
02:36
And these are all monopolistically competitive firms.
02:42
It means the products provided by these firms will not be provided by any of the firms in the market.
02:51
Now what happens? let's suppose these firms will, if these firms are going to compete on the basis of price...