Microeconomics: Principles, Problems, & Policies, 20th Edition

Published by McGraw-Hill Education
ISBN 10: 0077660811
ISBN 13: 978-0-07766-081-9

Chapter 13 - Monopolistic Competition and Oligopoly - Review Questions - Page 302: 3


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Work Step by Step

There is a monopoly in a sense since consumers want this specific product that no one else makes. With this being said, this is limited since if the price is too high, consumers may buy a different product.
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