0:00 Characteristics of Perfect Competition 0:40 + Many Sellers/Buyers + Identical Products/Services (Idealized characteristics) + “Perfect Information” + No Barriers to Entry 2:58 Price vs Quantity Graph. Supply and Demand Curves 4:13 How would this Effect the firms decisions? 5:00 Marginal Cost (costs more and more to produce) 5:33 Average Total Cost 5:44 Marginal Revenue when firm is operating in Perfect Competition 6:37 Marginal Revenue curve. Firms are *price takers* 8:00 Do we want no barriers to entry?
1 - سبحان الله 2- الحمدلله 3- لا إله إلا الله 4- الله اكبر 5- لا حول ولا قوة إلا بالله 6- ربي اغفر لي 7- سبحان الله وبحمده 8- سبحان الله العظيم 9- اللهم نجني من عذابك يوم تبعث عبادك 10- اللهم صل وسلم على نبينا محمد.....
I would disagree about your assessment of what a barrier is respectfully. A barrier more often than not is going to be some sort of government regulation or law that keeps people from entering that market. if somebody stops you from buying seeds or certain type of seeds or land then that is the barrier but if you're able to but unable to enter that market then that isn't a barrier that is just not being able to afford it because you can always have somebody financing.
Actually, that is a barrier to entry. Being able to not afford production costs is a barrier to entry. A barrier to entry is anything that prevents a firm from entering the market, as economists define it. If one firm can produce at costs so low that no other firms can, no one will buy from other firms and thus they are prevented from entering the market.
In some markets that are very technical and have to do an engineer in electricity and fire we need more barrier and proof of education and experience with Amazon and Cassie and coming back and double checking contractors work for the health and safety of the consumer or employee. I can tell you in my trade contractor the barriers in the bar for qualification are too low and the penalty or ripping off customer or injuring people are property are too low we need more strict regulation to protect The consumer
Not all heroes wear cape, you sir is helping me write my 2nd sem exam, i will be getting my degree because of you sir, thank you so much
lol same
I'm writing my first sem in a couple of hours😂
@@bambino1018 haha good luck man i just finished my last degree exam today 😅
0:00 Characteristics of
Perfect Competition
0:40
+ Many Sellers/Buyers
+ Identical Products/Services
(Idealized characteristics)
+ “Perfect Information”
+ No Barriers to Entry
2:58 Price vs Quantity Graph. Supply and Demand Curves
4:13 How would this Effect the firms decisions?
5:00 Marginal Cost (costs more and more to produce)
5:33 Average Total Cost
5:44 Marginal Revenue when firm is operating in Perfect Competition
6:37 Marginal Revenue curve. Firms are *price takers*
8:00 Do we want no barriers to entry?
Thanks
god bless u fr😭
♥️♥️
@@urvaansaher7495 lp
Thanks a ton. Sir, your video has been very helpful. God bless you.
Currently taking Econ101 and this video is better than my professors
Hey sal! Thnx so much for all you do man! I legit study physics everyday on khan academy..it helps me so much! Love from INDIA❤❤
1 - سبحان الله
2- الحمدلله
3- لا إله إلا الله
4- الله اكبر
5- لا حول ولا قوة إلا بالله
6- ربي اغفر لي
7- سبحان الله وبحمده
8- سبحان الله العظيم
9- اللهم نجني من عذابك يوم تبعث عبادك
10- اللهم صل وسلم على نبينا محمد.....
لعل القارئ يصلى على النبى عليه الصلاة والسلام فيزيدنى درجة و يزداد درجات...
كلمتان خفيفتان على اللسان ثقيلتان في الميزان حبيبتان إلى الرحمن سبحان الله وبحمده سبحان الله العظيم
I know nothing about this subject, but I like to be the first one anyway
why can't my lazy professor actually teach like you do. in other words... thank you for teaching this!
Yeah I get that, but at least we have Sal and Khan Academy!
Thank you for helping me but make more videos like this
GOOD EXPLANATION 👍🏻
Thank you so much
please add a playlist link in the description and pinned comments
A perfectly competitve firm
My direct question is
Who introduced Perfect Competition?
(This question has been asked 4 times in UGC NET till date)
Léon Walras
U make it easy
Love this video, I understood it by jz watching it once
Thanks for the great explanation!
Thanks pls upload more
Good job, great creation, thank you, sucses full, have a nice day
Sir which software or app you use for making videos please please tell me
This person has an uncanny capability of drawing straight lines...
Please please upload more
Average total cost is eqiual to marginal cost at the first item sold.
In 2021-22 there is only perfect compition topic left in the ch forms of market
Which software do you use to make these videos?
Please give me answer
Waiting for a reply
Great work As always. Dave16.⚡⚡⚡⚡⚡
How can an aggressive advertising campaign impact sales for a firm in the perfectly competitive market?
Advertisement is useless in this hypothetical scenario because the consumers have complete information.
I would disagree about your assessment of what a barrier is respectfully. A barrier more often than not is going to be some sort of government regulation or law that keeps people from entering that market. if somebody stops you from buying seeds or certain type of seeds or land then that is the barrier but if you're able to but unable to enter that market then that isn't a barrier that is just not being able to afford it because you can always have somebody financing.
Actually, that is a barrier to entry. Being able to not afford production costs is a barrier to entry. A barrier to entry is anything that prevents a firm from entering the market, as economists define it. If one firm can produce at costs so low that no other firms can, no one will buy from other firms and thus they are prevented from entering the market.
How does perfect competition work in modern industry please tell
Learn chemistry conceptually from
Is this for A2?
Ok
Nyc
Perfect example would be: Smartphones
no that is imperfect monopolistic competition
In some markets that are very technical and have to do an engineer in electricity and fire we need more barrier and proof of education and experience with Amazon and Cassie and coming back and double checking contractors work for the health and safety of the consumer or employee. I can tell you in my trade contractor the barriers in the bar for qualification are too low and the penalty or ripping off customer or injuring people are property are too low we need more strict regulation to protect The consumer