Zenith

User Generated

mmenuzna

Business Finance

Question Description

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 of consumers.

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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Explanation & Answer

havprj (3930)
UC Berkeley

Anonymous
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