Niro Coffee and Teas produces some flavorful varieties of Niro's brand coffee. Is Niro's a monopoly?
A) Yes, there are no substitutes to Niro's coffee.
B) No, Niro's is not a monopoly because there are many branches of Niro's.
C) No, although Niro's coffee is a unique product, there are many different brands of coffee that are very close substitutes.
D) Yes, Niro's is the only supplier of Niro's coffee in a market where there are high barriers to entry.

Question

Quizplus · Accepted Answer

Niro's is not a monopoly because, despite its unique product, there are numerous other brands of coffee available that serve as close substitutes, indicating a competitive market rather than a monopolistic one.

Niro Coffee and Teas Produces Some Flavorful Varieties of Niro's