Pure monopoly is able to exist because the firm's product is better than the substitutes that are available in the market.

Question

Quizplus · Accepted Answer

Pure monopoly exists when there are no close substitutes for the firm's product. This does not necessarily mean that the firm's product is better than the substitutes available in the market. The absence of substitutes can be due to various factors such as high barriers to entry, exclusive control over scarce resources, or government regulations.

Pure Monopoly Is Able to Exist Because the Firm's Product