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Competitive Pressures on Niche Monopolies
Even when a firm is the sole seller of a specific product, creating a niche monopoly, it often faces competition from rivals offering similar or substitute products. This competitive pressure from substitutes limits the niche monopolist's market power, preventing it from acting with the same price-setting ability as a pure monopolist that has no close substitutes.
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CORE Econ
Economics
The Economy 2.0 Microeconomics @ CORE Econ
Ch.7 The firm and its customers - The Economy 2.0 Microeconomics @ CORE Econ
Introduction to Microeconomics Course
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