You are generally willing to pay more for a product or service that has no close substitutes.

Question

Quizplus · Accepted Answer

This is because when a product or service has no close substitutes, consumers have fewer options to choose from and may be willing to pay a higher price to obtain it. This is also known as a "monopoly" situation, where the seller has significant market power and can charge higher prices without fear of losing customers to competitors.

You Are Generally Willing to Pay More for a Product