Mr. Holden, thanks in no small way to your great video help, I just received my results from this semester's Microeconomics exam and I was very pleasantly surprised. Watching your sessions is vastly more efficient and productive than going thru a rather unfriendly textbook. Keep up the great work!
hi, sir ur vdos are helping me al0t in my finals... i must say ur the best teacher of economics i ve ever seen...big big big thnxx Nia Masood Karachi, Pakistan
=) so good... i was close to being kicked off the course until i started watching your videos recomended to me by my brother. im now caught up and actualy enjoying As economics. Thank you. I've got all my friends watching your videos now =)
Hey thanks buddy, all your videos are gr8, we saw ur videos just before the exams and we understood every bit, will definitely like to see more videos of urs, keep it up .... and thanks once again....
Hope it is comforting to know your are among the inspirational people framed on the wall of my economics classroom, next to Adam Smith we have Phil Holden and his trusty whiteboard
In common parlance people think that monopoly must mean a single firm, but the truth is that monopoly means one dominant firm - not necessarily one firm alone. And that is the legal definition too. In the Republic of Ireland and for the European Union's Competition Authorities - of which Ireland is a member. Thanks for your comment.
Just to add - monopolistic competitive firms have Imperfect competition. Firms do not know the price and output of other firms. BUT they can see when they are making supernormal profits. Knowledge is nearly perfect but it is classed as "imperfect knowledge". Also - some argue there are no barriers to entry or exit, but some argue that there are very very small barriers to entry/exit.
thanks allot u really help i am doing economic for he first i really love it but my teacher makes it real difficult, Can you do one on income and substitute effect
The reason why supernormal profits are not possible in the long run is due to the low barriers to entry in the market. It has something to do with good knowledge of the market, but i would not say it was a major factor because you can know everything about a monopoly market, too, yet they would be able to maintain their abnormal profit in the long run, this is because of high barriers to entry. Therefore low barriers to entry, not near perfect knowledge, is key to normal profit in the long run.
I've been through almost all of your videos now as a part of my revision for the upcoming A-Level Economics Examinations and I'd like to say that they really do help ... but I was wondering if there are any additional material online that you know about that I [and perhaps other A-Level students] can access for free ? that'd be of great help, but thanks anyways ...
The confusing thing about monopolistic competition is its name. It's a market with many firms, each a monopolist over its special characteristics, but facing competition in its category. Example: Avon faces competition from other mascara makers, but has a monopoly over Avon customer service, packaging, logo, color names, etc. The graph IS a monopolist's, with a special type of good ("Avon mascara," not "mascara") on the Q axis. Avon IS a monopolist over its _differentiated_ product.
thats so confusing, in our leaving cert, monopolies have barriers and all that. I am going to be studying finance next year and i am sure they will have your(correct) information. But until then I am right lol.Actually, by the way, do ye study imperfect competition over there?? V interesting thanks again
Hi there, I really love your videos, but I am confused how you can define perfect competition and monopoly with same definition. Isnt it that the there is barriers to entry and monopoly is a price maker?
In monopolistic competition there is 'near' perfect knocledge which is the reason why in the long run they cannot maintain supernormal/abnormal profits
No that's just monopoly. Monopolistic competition differs from monopoly. It is essentially between perfect competition and oligopoly. Monopolies have barriers to entry. Within monopolistic competition there are minimal barriers to entry
imperfect competition and monopolistic competition are the same. They are used interchangeably. In a monopoly the firm may be the industry, like Microsoft, but that isn't always the case. The legal definition is when a firm has 25% or more market share OR the single supplier However this is imperfect competition (monopolistic competition). Your talking about Monoplies
Ya i know that now....it's just at the time i thought monopolistic and monopoly were the same. Monopolistic was never mentioned on our course. I was wrong.......but the important thing is i know now.:)
Hi Paj, just found out that you're related to fearne cotton!! Your brothers wife's sister's girlfriends sister-in-law's half brothers's wife is fearne cotton's cousin! :) Ask dez if you don't believe me, and ask him to ask chris (your brothers's wife's brother). Great vid by the way! Loz from woking.
I dont know if monopoly is different over there but..... Isnt that imperfect competition?? In monopoly THE FIRM IS THE INDUSTRY. there are many BARRIERS(legal monopoly, patents, sole ownership of raw materials) I dont know what to think!! haha. Thanks for the other vids though.
wrong. Perfect knowledge is not a characteristic of monopolistic competition. the four are 1. large no of buyers and sellers 2. v few barriers to entry 3. product differentiation (not just similar, but a good variety) 4. they are price makers, not takers and 5. is profit maximising..
HaHa, just looked at another monopoly vid and he said same as you(some cambridge person). Thats just weird. Surely MONOpoly should mean just 1. Thats what it means in the irish leaving cert anyway
Mr. Holden, thanks in no small way to your great video help, I just received my results from this semester's Microeconomics exam and I was very pleasantly surprised. Watching your sessions is vastly more efficient and productive than going thru a rather unfriendly textbook. Keep up the great work!
hi, sir ur vdos are helping me al0t in my finals... i must say ur the best teacher of economics i ve ever seen...big big big thnxx
Nia Masood
Karachi, Pakistan
Your help, is what aids me in getting my last minute A's!! BIG Thanx
Thanks. I am taking an online course which does not include video lectures. Your videos have been helpful. I also enjoyed the Joy Division vid.
Mike
=) so good... i was close to being kicked off the course until i started watching your videos recomended to me by my brother. im now caught up and actualy enjoying As economics. Thank you. I've got all my friends watching your videos now =)
Hey thanks buddy, all your videos are gr8, we saw ur videos just before the exams and we understood every bit, will definitely like to see more videos of urs, keep it up .... and thanks once again....
Hope it is comforting to know your are among the inspirational people framed on the wall of my economics classroom, next to Adam Smith we have Phil Holden and his trusty whiteboard
In common parlance people think that monopoly must mean a single firm, but the truth is that monopoly means one dominant firm - not necessarily one firm alone. And that is the legal definition too. In the Republic of Ireland and for the European Union's Competition Authorities - of which Ireland is a member. Thanks for your comment.
Just to add - monopolistic competitive firms have Imperfect competition. Firms do not know the price and output of other firms. BUT they can see when they are making supernormal profits.
Knowledge is nearly perfect but it is classed as "imperfect knowledge".
Also - some argue there are no barriers to entry or exit, but some argue that there are very very small barriers to entry/exit.
The have perfect or imperfect knowledge?
Excellent, thank you very much
thanks allot u really help i am doing economic for he first i really love it but my teacher makes it real difficult, Can you do one on income and substitute effect
The reason why supernormal profits are not possible in the long run is due to the low barriers to entry in the market. It has something to do with good knowledge of the market, but i would not say it was a major factor because you can know everything about a monopoly market, too, yet they would be able to maintain their abnormal profit in the long run, this is because of high barriers to entry. Therefore low barriers to entry, not near perfect knowledge, is key to normal profit in the long run.
yeahhh..thx a lot!! got an xam 2morow n dis was really helpful!!
what about the short run?
how can there be many sellers in a monopolistic industry?
I've been through almost all of your videos now as a part of my revision for the upcoming A-Level Economics Examinations and I'd like to say that they really do help ... but I was wondering if there are any additional material online that you know about that I [and perhaps other A-Level students] can access for free ? that'd be of great help, but thanks anyways ...
The confusing thing about monopolistic competition is its name.
It's a market with many firms, each a monopolist over its special characteristics, but facing competition in its category.
Example: Avon faces competition from other mascara makers, but has a monopoly over Avon customer service, packaging, logo, color names, etc.
The graph IS a monopolist's, with a special type of good ("Avon mascara," not "mascara") on the Q axis. Avon IS a monopolist over its _differentiated_ product.
what about the short run ? fgs
thats so confusing, in our leaving cert, monopolies have barriers and all that.
I am going to be studying finance next year and i am sure they will have your(correct) information. But until then I am right lol.Actually, by the way, do ye study imperfect competition over there?? V interesting thanks again
thank you so much sir ...
I swear he is talking about perfect competition for many of his points??
Hi there, I really love your videos, but I am confused how you can define perfect competition and monopoly with same definition. Isnt it that the there is barriers to entry and monopoly is a price maker?
What about big names? Are they under monopolistic competition?
i dont know why i chose eco but you're great
In monopolistic competition there is 'near' perfect knocledge which is the reason why in the long run they cannot maintain supernormal/abnormal profits
@tricky12321 so like mac and windows are oligopoly?? or are they still monopolistic? thnks:)
sir, why is it that the MR curve slopes twice as steep as the AR curve?
The intro cracked me up! PAJH FOR PRESIDENT!
Isn't this oligopolistic competition, I thought monopolistic competition did have barriers to entry
No that's just monopoly. Monopolistic competition differs from monopoly. It is essentially between perfect competition and oligopoly. Monopolies have barriers to entry. Within monopolistic competition there are minimal barriers to entry
What goes on the axis?
The 3 who disliked dont know much about Economics, really!!
imperfect competition and monopolistic competition are the same. They are used interchangeably.
In a monopoly the firm may be the industry, like Microsoft, but that isn't always the case. The legal definition is when a firm has 25% or more market share OR the single supplier
However this is imperfect competition (monopolistic competition). Your talking about Monoplies
Monopolisitic competition has imperfect knowledge?!
thanks, im preparing for resit on tuesday
Ya i know that now....it's just at the time i thought monopolistic and monopoly were the same. Monopolistic was never mentioned on our course.
I was wrong.......but the important thing is i know now.:)
Hi Paj, just found out that you're related to fearne cotton!!
Your brothers wife's sister's girlfriends sister-in-law's half brothers's wife is fearne cotton's cousin! :)
Ask dez if you don't believe me, and ask him to ask chris (your brothers's wife's brother).
Great vid by the way!
Loz from woking.
Thankyouuuuuuuuuuuuuuuu :)
gahhhh youre awesome!!
Yeh i think its only 25% of the market that is needed to be deemed a monopoly.
I dont know if monopoly is different over there but.....
Isnt that imperfect competition??
In monopoly THE FIRM IS THE INDUSTRY. there are many BARRIERS(legal monopoly, patents, sole ownership of raw materials)
I dont know what to think!! haha.
Thanks for the other vids though.
oligopoly is there its the kinke demand curve one :)
No comments in last 6 six years woww but anyway the streak is cracked...
Paj man, get yer axes labelled.
I hate when my teacher does this to me...
The four characteristics you have mentioned are wrong
i think i love you, unit 4 , do me?
What Sinister People Can Dislike this video :S ??
@tricky12321 i see.. but tht out of my syllabus:) Thnks tho, im looking to go in deeper
really man??
Perfect knowledge? Other websites say imperfect knowledge
The FIVE people are jealous economic teachers :P
-4 marks for failing to lable the axis.
wrong. Perfect knowledge is not a characteristic of monopolistic competition.
the four are 1. large no of buyers and sellers 2. v few barriers to entry 3. product differentiation (not just similar, but a good variety) 4. they are price makers, not takers and 5. is profit maximising..
HaHa, just looked at another monopoly vid and he said same as you(some cambridge person).
Thats just weird.
Surely MONOpoly should mean just 1.
Thats what it means in the irish leaving cert anyway
WOW, 66,666 VIEWs
dude wtf :D
wtf?