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Question Description

The key to this phrase is the availability of substitutes. Amonopoly is a firm producing a product for which there is no closesubstitute. When Elvis was just getting started, he was just anothersinger and clubs could hire a cheap substitute and consumers would notcare. But with his success, there became fewer substitutes in the mindsof consumers.

A lot of consumers have this same thought when they purchase namebrand products over generic products. What are your favorite productsin which you feel there are no substitutes? Why are they worth theexpense to you?

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