00:01
Here we're comparing monopolistic competition with perfect competition and monopoly.
00:06
So identify some of these similarities.
00:08
What we see with monopolistic competition is that it's similar to perfect competition in the sense that there are many buyers and sellers.
00:15
And we know that one of the characteristics of perfect competition is that there are many buyers and sellers.
00:21
Now, that's not to say that it can't exist in other markets because we see it in monopolistic competition as well.
00:27
What we also see as a similarity here is the limited control of prices on the on the producers part.
00:32
So that means that market forces are taking effect.
00:37
We don't see a single producer like a monopoly able to set the price at whatever they'd like.
00:42
So we still have these price takers, we can call them...