Hello, everyone. In this video, I'm going to talk about the market for blue jeans in the mid two thousands. So between 2000 and 3 to 2000 and five, the price for blue jeans rose. And that's because the demand for the genes increase due to fashion and being popular popularized by celebrities. However, within three years, by 2000 and eight, the price of blue jeans fell. And why is that? So we're going to talk about this. So let's illustrate the first bullet point that the price of blue jeans rose due due to increased consumer preference. So because the demand increase the dementias rights and the price rose from price one two price, too. I know, I said, I put 200 up here, but it's just like a general prices like of what you would have seen. But we'll just say like in general, the price of blue jeans increased. And now, to illustrate the second bullet point by 2000 and eight, the price of jeans started falling. And so we're going to take this graph, and we went to illustrate a line moving on this graph. But just to make it clear, I'm just going to draw a completely new graph. So this graph is the exact same which is trying another change on top of it. So I'm going to try to replicate as closely as possible. So remember this line is demand to in the price here is priced too. So this craft is the exact same here. I'm just not drawing. Defer the ah, the line demand one. And so the price of blue jeans fell, and this is due to increase in competition. So I'm just gonna write the answer. Oh, sorry about that. Put a lot here and I want to write the answer in this separate it separate area here. So increase due to or the price fell due to increase competition. So remember the prices of blue jeans increase. That means that it is now more profitable to sell jeans. And so because it is more profitable, more sellers are now inclined to use their resources to produce jeans instead of other type of clothing. So this will cause supply. Two increase, and when supply increases, the curve shifts right. Well, let's say it's not as much. Let's say it just shifts a little bit more to write. Hello. This little article is straight but to that, and we'll call this s two and then this new price, you will call it p three. So this is the price After it started following, And to make it easier, I'll label the graph on the right 2000 and eight like onwards now on the craft lab in in 2000 and three to 2000 and five. So, as you can see initially, the demand increase, causing a giant jump in price. But then, as time goes on, sellers realize how profitable it is to start producing jeans. So they also enter the market. That increases competition, which drives prices down into this lower price here in p three.