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

Question

Quizplus · Accepted Answer

Although Peet's coffee is a unique product, there are many different brands of coffee that are very close substitutes. This means that Peet's does not have control over the market and consumers have other options to choose from.

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