The key to this phrase is the availability of substitutes. A
monopoly is a firm producing a product for which there is no close
substitute. When Elvis was just getting started, he was just another
singer and clubs could hire a cheap substitute and consumers would not
care. But with his success, there became fewer substitutes in the minds
A lot of consumers have this same thought when they purchase name
brand products over generic products. What are your favorite products
in which you feel there are no substitutes? Why are they worth the
expense to you?
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