What is a good with no close substitutes?
Examples of goods without close substitutes include water and electricity | Course Hero.
In which market situations there is one seller and there is not close substitute to the commodity sold by the seller *?
Monopoly is a market situation where there is a single firm selling the commodity and there is no close substitute of the commodity sold by the monopolist.
When there is a single producer without any close substitute its mean?
monopoly
Is Google a pure monopoly?
Google (GOOG) has become a monopoly in Internet searching, but other than this segment, it is not a monopoly. Using Google to navigate the web remains the preferred method by which most people find information online. However, Google is far from a monopoly in terms of the entire gamut of Internet services.
Who is a pure monopoly?
A pure monopoly means a single seller with no competitors. A legal monopoly is a firm that is granted monopoly status by a government. A natural monopoly is a firm which owns a single infrastructure, such as a gas or electricity provider, although several firms may operate services which use the single infrastructure.
Why must a monopoly supply a unique product?
Why must a monopoly supply a unique product? If it’s not unique, customers will buy alternative products at lower prices. Because firms maximize profits by charging higher prices to groups with greater demand.
What allows a monopoly to exist?
The easiest way to become a monopoly is by the government granting a company exclusive rights to provide goods or services. Government-created monopolies are intended to result in economies of scale that benefit consumers by keeping costs down.
Is Walmart perfectly competitive?
Target and Walmart are an example of a perfectly competitive market because they carry the same products such as groceries, clothing, domestic items, electronics, and such things. A perfectly competitive firm determines its profits maximizing level of output by equaling its marginal revenue by its marginal cost.
Why is Walmart a perfectly competitive market?