00:01
The first part of question states in its basis terms is that rival goods exist for all goods, no such thing as unsubstitutable good.
00:14
And the competition between all firms is true, but we can quickly debunk these two.
00:21
So that would invalidate the conclusion that there's no such thing as a peer monopoly.
00:28
And in fact, the first google search shows that there is no such thing, and that there is such a thing as a rival, i mean, an unsubstitable good, which would be your utilities.
00:41
The first example they give you.
00:43
And it's because utilities would operate at an average total cost that's higher than the lowest average total cost if they had to compete with one another.
00:54
And that would simply be unprofitable.
00:57
So usually the first utility company that comes would be the only utility company that comes...