The amount of power that a monopoly has depends on whether there are close substitutes for its product.

Name: The amount of power that a monopoly has depends on whether there are close substitutes for its product.
Brand: Quizplus
Rating: 4.9 (34 reviews)

Question

Quizplus · Accepted Answer

A monopoly's power is significantly influenced by the availability of close substitutes for its product. If close substitutes are available, consumers can switch to them, reducing the monopoly's power to set prices and control the market.

The Amount of Power That a Monopoly Has Depends on Whether