Behavioral economists suggest that brand loyalty, which can be a source of monopoly power for the producer, may be explained by consumers' tendency to have the

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Brand loyalty is often a result of the status quo bias, where consumers prefer to stick with their current choice (the status quo) rather than switch to a new option, even if the new option might offer better value or quality. This tendency can give producers a form of monopoly power, as it reduces competition by making it harder for rival brands to attract customers away from their established preferences.

Behavioral Economists Suggest That Brand Loyalty, Which Can Be a Source