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Sells a product with lots of very good substitutes and no entry barriers. sells a product that might or might not have substitutes, but has relatively difficult entry. sells a product with similar, but not perfect, substitutes, but low entry barriers. A monopoly is defined as a single firm in an industry with no close substitutes.
An example of alternative goods is Coca-Cola and Pepsi; the interchangeable factor of those goods is because of the similarity of the reason they serve, i.e fulfilling customers' desire for a gentle drink. these sorts of substitutes may be referred to as close substitutes.
There are two forms of replacement items: oblique and direct. a direct substitute is wherein two merchandise can be without problems exchanged for one another. think of Pepsi and Cola. with the aid of assessment, an oblique replacement is wherein items can nevertheless be replaced by using each other, however, have a weak correlation.
In microeconomics, items and services are taken into consideration as substitutes if a discount within the charge of 1 reason a lower in demand the opposite. Many folks that drink cola have a preference between Pepsi and Coke. For a few humans, the two manufacturers serve an identical cause and are effortlessly interchangeable.
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