If a good has no close substitutes,the market is likely to be:

Question

Quizplus · Accepted Answer

If a good has no close substitutes, it means that there is no other product that can satisfy the same consumer needs or wants as that good. This creates a high degree of market power for the producer of that good, as consumers have no other option but to purchase from that producer. A monopoly occurs when there is only one producer in the market, so if there are no close substitutes, the market is likely to be a monopoly.

If a Good Has No Close Substitutes,the Market Is Likely