8 thoughts on “Introduction to the Competitive Firm

  1. At about 4:15 into the video, the onscreen graph shows the price at $50, but the voice states $52. Not a big problem, but I just thought you might want to know about the discrepancy.

  2. Utilising the oil extraction sector within the oil market is actually very misleading. The oil extraction market is one of the most prominent oligopolies if not monopolies (OPEC) in today's world; although it is true that the product is homogenous, OPEC is a price-maker and in no way are all the extraction companies within it price-takers (See energy crisis of 1970). I would be more tending towards agreeing on a perfectly competitive oil distribution sector, as in the majority of countries theres enough variation between petrol stations and their respective holdings to allow for a homogenous price, and the barriers to entry are much lower in distribution rather than extraction.

  3. I just asked my mother if she would buy my oil if i raised the price.. And she said "am i retarded… Why would i do that "….. This guy knows what hes talking about

Leave a Reply

Your email address will not be published. Required fields are marked *