 So, ladies and gentlemen, very warm welcome to the module 81st, where we are going to discuss about the X efficiency in monopoly. Monopolis idea, we understood from the economic designs and we saw that in economy and economy of scales or marginal economy or in many economies, monopoly, oligopoly or duopoly concept, its clarity can be used. In a simple way, if we understand, the meaning of monopoly is that the supply chain of my overall market, my resources, I have to outsource them and the other things, I will not be the maximum competitors, that is, I will not be one or two or three competitors, I will be the total handedly market and its price, it's rates and wherever the price of the fixed, to the consumer, the market's trend changes or maintains or is that the market is only that particular company. From here, we understood the idea of monopoly. But how can we use the X efficiency in monopolies where the monopolies are used to have have their own ideas. For example, if there is a monopoly of Honda, if there is a monopoly of Toyota. And if they are doing two companies, then you can say that there are different market segments of two companies. If we look at it in Pakistan, then it will not be bad to give it an example. It has become a big mindset in which we can see that if it is used as a city car, then it will be a Honda brand. And if you look at it in Suburbans, or if you go into a ruler instead of an urban, then you can say that Toyota will be affected by it. So when we look at these two brands, then its technology, its aerodynamics, its lower, its upper, its parts available in the market, all together to maintain the market's trend during the total supply chain. Now let us look at the model of ex-efficiencies. Let us see how it falls in the monopolies. Here it says the monopoly declines. This research has found comes down to four main factors. One is non-predicting marketing trend. We have already discussed that it is predictable. It is forecastable. It is unforecasted. It is an unknown market. The whole design of the market has changed. Like I gave you an example of a car company selling only black cars. But when the trend changed, I was talking about 18-something. So as the trend changed, cars' craze changed, hatchbacks came, jeeps came, dynamics changed, interiors changed, exterior changed. So demand started changing from the market. Buying behaviour changes. Today's market has changed so much that social factor analysis has also changed. Now in social factor analysis, the market has gone up to 12. It has gone up to 2 lakh. Where is the demand? The need and the want. What is the need and the want? One thing you see is that first you fulfill the needs, then you fulfill the self-esteem, then there is self-actualization. Now there is a limit. Self-actualization is another thing. You say that there is a brand like Rolls-Royce where there is a trend and it is said that if there is a billionaire and he keeps so much wealth, then these cars will come out in the name of a rich man. It will come out otherwise it will not be like that. There is a study of Mazahan, a real case study, where a prince asked what would I have to do for this? He said that he would have to show his family wealth from 4-5 generations. So he made his family the same way. He made his lineage and then he justified himself for Rolls-Royce. Similarly, there are many other ideas in the market. And many other things have come forward in the same way. Societies sell themselves and say that there will be some areas in which there can be some special people. So a concept of special and common has been created. So the change in the market is in every area. Whether it is housing, automobile, pharmaceutical, FMCG. So slowly, the market is changing in every area. So we read 4 factors and we saw that in non-predicting trends the firm with the strong monopolies power fall into trap most frequently because they become entrenched in what they do best and fail to adapt. So they must have to adapt. Secondly, mismanagement. Inefficiency is the biggest mismanagerial aspect of ex-efficiency which makes your post-closure wrong. The fourth closure makes it easy for you. So you have to see this. Then is the regularities. Where does your regularities and regularities come from? Normally these policies and procedures come from your government trends. Your Ministry of Commerce, the Ministry of Industries changes trends for you or changes policies. For example, let me give you an example of Chamde. In Pakistan, in recent times, the DLTL is over. You got a little bit of a tax exemption. Then it will come back to Chamde again. In a small and medium enterprise, as soon as the taxes are reduced and they will also get subsidies, it will be better. But if they get subsidies, they always get them to the big industries. So if the government policies change, then the big monopolies will have a problem. When they have a problem, they change the price rate to disturb the market. For example, where the raw material comes from, then they will change the source of the raw material. When they change the source of the raw material, then the market's trends will change. So most of the time, I think that what I am trying to explain is that you must have understood how important the regularity barriers are. We have to keep looking at them and understanding them. Remember that before doing any business, you have to look at the Ministry of Industries, Ministry of Commerce and Board of Investments. And wherever these regularities are made, you must take the manuals of them. For example, you are going to plastic molding, plastic molding, marble molding, whatever area you are going to, you must follow the relevant areas' trends and you must read the regularities of the monopolies in the area. After that, you must read the articles and memorandums and then when you answer them, your entrepreneurial direction will improve. So this is what I wanted to, I mean, narrate here, which is much important and emphasisable, that you have to look at that our wastage should not go. So now we see that wasting resource looking for a new market. Here we see that there is a lot of waste. For example, you have done it in molding, plastic molding, whatever area you are going to, we see that our waste resource does not go into the market. For example, I am going to give you an example of tissue. When your tissues are made, 80% of the tissue is made, more than 20% of the waste is left. Your diapers are made out of that. So you have to work with diapers and you have to work with toilet papers which are called towel papers. They are made. Then the waste is used in diapers. Then other things come into waste. For example, if you see that when the garbage is saved, the industrial soap is saved in its forces. So you have to look for a new market for how your waste will be made. So remember that this trend is less in Pakistan but in the energy sector, biomass is a very big subject which is still an unexplored area in Pakistan. We have to explore it as a pori and the new entrepreneurs will come as soon as possible in the power sector. It is better to come on biomass, alternative fuel energy, ethanol, cut-away vegetables, and waste made of all these things has a different market. So if you come into these things, you have a very entrepreneurial approach. Well, see to it that monopolistic often overestimate their potential and seek to venture into market with little or poor resources. That is what I am telling. Your resources are less and you are a big thing. If you are giving electricity for the power sector and you are making it from biomass, then how much sector are you exploring? So this is how you have to and you must have to So if you try to understand the first given market, you can clearly understand that the established market which has been established for 70 or 100 years, if there are few players and there is no competition, then this is a danger. And if you are trying to understand and you are exploring new things and you are not able to create a monopoly, then it is dangerous for that entrepreneur that he is not trying to understand. For example, if you become a cartel in Pakistan, then it is a loss for us. It will become a cartel in China. It will become a cartel in Gandhub. It is a loss for us. But in China, in recent times, they have given the permission of a cartel because there will be a lot of competition. So at some point, where things are justified, they are not justified in some places. And if there are some things that are not justified, then they are justified there. So just try to understand and you will have to link up. And you will have to make a plan of understanding. Then you will understand what is the ex-efficiency of monopolies. Thank you very much.