In a monopoly situation, there is no close substitute for a product or service.

Name: In a monopoly situation, there is no close substitute for a product or service.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

In a monopoly situation, there is no close substitute for the product or service being offered, as the monopolist has exclusive control over the market. Therefore, consumers have no other options but to purchase from the monopolist at the monopolist's desired price.

In a Monopoly Situation, There Is No Close Substitute for a Product