### Step 1: Define the Problem
Identify the key components of the question: Determine which option best describes the availability of substitutes in a monopoly.

### Step 2: Break Down the Problem
- Understand the concept of a monopoly.
- Identify the characteristics of substitutes in a monopoly.

### Step 3: Apply Relevant Concepts
- In a monopoly, a single company or entity is the sole provider of a product or service.
- Substitutes refer to alternative products or services that consumers can use in place of the monopolist's offering.

### Step 4: Analysis, Verify and Summarize
- In a monopoly, there are typically no close substitutes for the product or service offered by the monopolist, as the monopolist is the sole provider.
- This lack of substitutes is what gives the monopolist significant market power.

### Final Answer
B) There are no substitutes

Question

### Step 1: Define the Problem
Identify the key components of the question: Determine which option best describes the availability of substitutes in a monopoly.

### Step 2: Break Down the Problem
- Understand the concept of a monopoly.
- Identify the characteristics of substitutes in a monopoly.

### Step 3: Apply Relevant Concepts
- In a monopoly, a single company or entity is the sole provider of a product or service.
- Substitutes refer to alternative products or services that consumers can use in place of the monopolist's offering.

### Step 4: Analysis, Verify and Summarize
- In a monopoly, there are typically no close substitutes for the product or service offered by the monopolist, as the monopolist is the sole provider.
- This lack of substitutes is what gives the monopolist significant market power.

### Final Answer
B) There are no substitutes

Knowee AI · Accepted Answer

### Step 1: Define the Problem
Identify the key components of the question: Determine which option best describes the availability of substitutes in a monopoly.

### Step 2: Break Down the Problem
- Understand the concept of a monopoly.
- Identify the characteristics of substitutes in a monopoly.

### Step 3: Apply Relevant Concepts
- In a monopoly, a single company or entity is the sole provider of a product or service.
- Substitutes refer to alternative products or services that consumers can use in place of the monopolist's offering.

### Step 4: Analysis, Verify and Summarize
- In a monopoly, there are typically no close substitutes for the product or service offered by the monopolist, as the monopolist is the sole provider.
- This lack of substitutes is what gives the monopolist significant market power.

### Final Answer
B) There are no substitutes

Which best describes the availability of substitutes in a monopoly? A)Price points vary B)There are no substitutes C)There are different brands D)Products have different features.

Question

Which best describes the availability of substitutes in a monopoly?

Solution

Step 1: Define the Problem

Step 2: Break Down the Problem

Step 3: Apply Relevant Concepts

Step 4: Analysis, Verify and Summarize

Final Answer

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