Episode 26: Perfect Competition

[@lelelanaa2500]

Words cannot describe how easy you made this topic for me after spending hours trying to understand. Thank you!

[@nikolaricchiuti9937]

Incredible. A technical and emotionally masterful film that truly changed my life. This is nothing short of pure cinematic genius. It blew me away. Forget the Godfather and Citizen Kane, this is the greatest film, no, not even that, the greatest work of art ever produced. Every man, woman, child, animal, plant, and microscopic bacterium should be forced to watch this film. I can't wait to see what this mind-bogglingly talented director has in store for us next. Truly, he is a force to be reckoned with.

[@lynny7868]

Love your videos, you always explain it so clearly. Another thing that I love: Super cute drawings! Especially the animals at 1:12.

[@tyrannourusbex]

As a uni student unfortunately having to retake an economics exam this video is so so helpful. Clear to understand, interesting and relevant. Thank you!

[@fazedank5262]

Wait in uni? I have to do this in Gr.11 economics :( If this is what we do in Uni i would be so happy :D

[@benharris4218]

First year economics courses are a walk in the park.

[@tyrannourusbex]

That's cool Ben Harris thanks for taking the time to write that reply

[@dattatrayabhosale4939]

Wow.....Clear and short ....Each point is important ...no unnecessary data is provided easy to watch easy to listen ao easy to understand

[@EveryoneLovesNelmo]

You have no idea how helpful you are! Your 7mins explaination was more helpful than my lecturer was this whol year! Thank you! :)

[@chragahuja1246]

My first comment on youtube. And I'm giving it to you. TOOOOOO GOOOD Videos. Love it. Love you. Thank you so much!

[@ahmedshaikh7662]

This video is absolutely wonderful. Clear and concise.

[@mardybum74]

I discovered this channel and finally understood this, and English is not even my native language, haha. thank you so much!

[@darkymakenzy]

Thank You sooo much for these videos I'm forced to take economics for the first time and I've been having difficulties but your videos are making me understand economics THANK YOU!! and keep going you've got my full support!

[@darkymakenzy]

+Mohamed Babouzi I studied some of these principles briefly in high school but most of the material in these videos I'm taking them in university.

[@mohamedbabouzi4884]

thank you....you know i live in another country and i wanted to know more about high school from another countries and i want to ask you few questions if you don't mind excuse my english

[@darkymakenzy]

+Mohamed Babouzi sure it's ok

[@abidajawadali3069]

Perfect competition Perfect teaching!!!

[@jona457]

Econ203 Week 4 Chapter 6 reading is making more sense now... This video ROCKS!!!!! Great illustrations. Thank you.

[@vacaalbahaca5485]

thank you for your clips! clear, precise and not missing a detail

[@feonaalexandria4269]

tysm! It's our monthly examinations tomorrow and finally! Godbless you!

[@Niamh07xo]

Woohoo go the Irish! I'm Irish and it was our lecturer that showed us your videos one day! Saved my life since! I've my repeat exam the 19th of August! Beyond scared :'( Your videos will prob hopefully save me from failing :) Thank you for amazing videos :D

[@jesseck9]

You offered the best and simple economics which i have even seen;-)

[@dkim7338]

WOW you made me understand this topic so easily. Thank you so much :):):):)

[@manojsangita9620]

u have soo gud voice . I'm soo depressed about the seminar I am about to give! and u saved me.love ur lectures.and guys wish me best of luck.

[@mjmfoodie]

@24Keshan In the long run (defined as the production period in which all costs become variable), there are no fixed costs because there are no longer any fixed resources. Therefore total cost and total variable cost are one and the same.

[@mjmfoodie]

(1) Script, (2) Storyboard, (3) Art, (4) Record narration, (5) put it all together.

[@ASLMusic]

This sound quality is actually good, enough low freq and high freq

[@sayalipun]

it was so illustrative and lucidly explained!!! thank you! gr8 wrk!

[@TheCliffhukstabal]

These videos are awesome. Thank you

[@FinFriel]

this is brillaint🎉 thank you so much 😮❤

[@pljehyun]

OMG your graphs are SOOO BEAUTIFULL great vid

[@Livin4God4Life4Real]

This was part of my economics class. Thanks!

[@2524547]

Thank you soo much !! What could have taken me two hrs was done in less than 30 mins of youtubing !! I loveee youuuu !! :D

[@moondragon05]

this is golden, it will help me pass tomorrow's final

[@PeakFilmClipz]

Did you pass ?

[@moondragon05]

@@PeakFilmClipzfuck yeah G

[@PeakFilmClipz]

Nathan ator Damn 6 years later huh😭

[@jordonnelson5002]

@@moondragon05 well done g

[@rheeyatoolsee4446]

You're just awesome! Thank you so much for making things easy for us to understand.

[@MrOhsnap1992]

this video gave me a better explanation in 7 minutes than my lecturer did in one hour..

[@amirhomayoon8674]

perfect explanation, easy to understand. Thanks!

[@violinbonbonnie]

ThXXXXXXXXXXXXXX. You save my life. I luv you!

[@guzelasamra7846]

I thank you for uploading the video, but I have a small request. I wish if you can slowly explain the graph you are using. and slowly demonstrate the changes of it.. Thanks again

[@MrSkeff]

thank you for this. i have a final tomorrow in my course and am utterly hopeless at economics (perhaps being irish has something to do with it!) but this has been quite helpful.

[@mjmfoodie]

@nikikinja11 So far, I have covered returns to scale only in passing in the production and costs videos.

[@MrBear121]

im so glad i fuond this, you may have just saved my a-levels :D

[@bboycrazyjames]

thankyou very much for that. cleared up so much. i was always confused why in the longrun revenue = TC. i dont understand why any firms would even operate in the industry under those conditions. However there is a chance that in industries such as milk production, government subsidies will offer something in the way of profits for the firm.

[@ChrissGT]

That helped a bunch! Thanks you. Great video.

[@Y2k90s]

Girl I'm still confused 😭😭

[@ShaliniBothra]

love the way u explained....amazing way...made me wonder y in india we are not taught like this!! :( Bt i hope i get to learn more from your upcoming videos....i'll be having macro economics next semester n hope to find ur videos fr the same....using ur videos for microeconomics for exams day tmrw.... thanks a ton!! :D

[@abbadox315]

"milk is milk" really just blew the case right open there

[@zenafa]

Theese videos are so helpful! I have an exam on this in 1 hour! :O

[@sonalimukherjee2126]

This was a very gud video for me mam. As I was preparing for semesters; it helped me to understand basics. thank you mam.

[@mjmfoodie]

@MrSkeff I hope it isn't anything to do with being Irish, as I have a substantial amount in the family tree...

[@flyscope]

Brilliant!!! Thank you so much

[@mjmfoodie]

@alexleecheeseng If MC is above the average, it pulls the average upward; if it is below the average, it pulls the average downward -- so any time before the intersection, ATC is being dragged downward; any time after the intersection ATC id being dragged upward -- only where MC crosses ATC is the ATC neither decreasing nor increasing.

[@eightfivesouljah85]

Thanks!! I needed that

[@0204MrK]

I LOVE YOUUU that made this!

[@MrSkeff]

@mjmfoodie i hope youre right too! its gas the trouble weve gotten ourselves into with the ECB/EU and so on! so many college students studying economics now though which is good; should be able to make better decisions in future..... thanks again for posting this video, helped me a lot in my final :)

[@MioWonng]

Nicely done :)

[@mariohs11]

This are extremely good videos

[@daviddean7174]

amazing video. I loved it.

[@nkdalvi4126]

best videos!! Going thru them one day bfr ma exam of eco....nd m sorted!!!! tnks

[@newtowon]

Thank you for this and these types videos!

[@jasminesisa]

I wanted to make videos like these to my colleagues but I wanted to how what is the sequence to make these videos =) ? Like ..you 1) write what 'll be said ..2) Do you draw on white board or on many many papers ? 3) the voice over is made finally or before drawing ?? :)) Hope if you could help meeee =)

[@LeavingTheArmy]

Omg I love the vid, it saved my day :*

[@clydeng87]

Very helpful, thanks.

[@nikikinja11]

your videos are absolutely amazing!!! cleared up all my doubts in no time at all!!! =D thank you so much!! if a ace my exam tmr it'll all be thanks to you!!!!! =D ps: i cant quite seem to find your videos on returns to scale and economies of scale... do you have them?

[@CasHCreeW]

well done !!

[@tdren5304]

walmarts great value brand doesn't seem to have gotten the memo about >p* most of my life the logic has been "name brand costs more because its name brand, the products are the same."

[@safananidha4005]

can you please tell me exambel for perfect competition

[@lucasbueno2053]

wauw , great video , when I pass my exams I will own it to you not my teacher :D

[@24Keshan]

In 6:59, why have you stated ATC=AVC?

[@shroffaakashpankaj5990]

i love u....amazing explanation

[@mjmfoodie]

@notwithoutmilk yes, indeed.

[@italianrepsta]

wow you are so good at explaining good job

[@AC-cl5et]

thank you so much , totally save me !!!

[@mjmfoodie]

@Carterv3 Because in the short run, no one else is entering, until they see your profits -- which tempts them into the market to compete with you. That's what drives your profit to zero over time.

[@Carrot771]

Thanks you help me alotsssss :D

[@Carterv3]

How can long run profits always be zero when short term profits can be made, since long run is a series of short runs?

[@tonylahh]

thankyou, really helpful

[@robeckh]

thanks very useful

[@SantiYounger]

Thanks a lot!

[@mohamadyousri81]

Thanks alot

[@shahalamtarar9628]

Life saver!!!!!!

[@KarasuInaiga]

What are exit costs?

[@NerikkaMarie]

can you discuss about the welfare effects of perfect competition? :D

[@spelailar]

@notwithoutmilk This fact is true in perfect competition, but in real life it is almost impossible to find such thing.

[@tonylahh]

you-"sounds good rite?" me-"Right!" :D you- "WRONG" me-> T_T

[@xxdevi]

fantastic!!

[@miguelaugustus726]

Does this only exist with capitalism or also in socialism?

[@vartiii]

I love youuuu...u r awesome!!!!!!!!!!!!!!! thank you!!! n can u recommend me some nice videos for accounts n statistics?????plzzzz

[@miguelaugustus726]

Nice...

[@MikhaelAhava]

!

[@TheMackbutter]

nice videos, but like most instructors u like to breeze past quickly how these graphs are constructed and assume in every video that there is no need to fill in or explain the x and y axis so the student understands what you're showing them.

[@johnlillyblad5188]

"In the long run, a perfectly competitive firm's profits are always equal to zero." Can you please explain this a little more? Why would firms want to stay in the market at all? Are they all "sharks"?

[@hanna-kayrennicks478]

this saving me alot. finals coming up

[@johnlillyblad5188]

Ahh, meaning that they can't do any better anywhere else?

[@LOLCOPTER]

"the entry only stops when there is no more profits to attract the sharks" :D

[@chloe5638]

economic profits = 0 or accounting profits = 0?

[@madelinejewell2629]

Economic profits = 0, also shown as pi = 0 Accounting profits are greater because they don't take into account the opportunity cost of anything.

[@mjmfoodie]

@daferzlol definitely eggs.

[@djobash454]

збс лойс

[@satnamgur1qmcarwaheg]

Shutting down in short run?

[@portal9935]

what type is mcdonals?!

[@Snickerspr]

Monopolistic

[@Shaithydollarz]

it is one of the many sellers of burgers and such, it is monopolistic competition

[@cooter1866]

frank gang who up

[@michaeljacksonlover0]

i love you

[@babykangarootribbiani2766]

Hello van veen students

[@GhostlyClasher]

Not bad

[@Carterv3]

@mjmfoodie :)

[@wyattmichaelproductions]

"All milk is the same". Well, no, not really, but ok.

[@itscheckme4778]

shut the fuck up

[@azbunjabaz9182]

Very inappropriate and useless

[@junaidbaig1362]

Azbun Jabaz very true