A monopoly exists when a firm with many potential competitors attempts to develop a marketing strategy to differentiate its products.

Name: A monopoly exists when a firm with many potential competitors attempts to develop a marketing strategy to differentiate its products.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

A monopoly exists when a single firm controls the entire market with no potential competitors. In this case, there is no need to develop a marketing strategy to differentiate products because the firm has no competition.

A Monopoly Exists When a Firm with Many Potential Competitors