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1 February, 19:18

Joe Santos owns the only pizza parlor in a small town that is also home to a McDonald's, a Taco Bell, and a Kentucky Fried Chicken. Using a broad definition of a monopoly, Joe has a monopoly if the menu items sold at the other restaurants are not considered close substitutes for the food sold at the pizza parlor.

1) True

2) False

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Answers (1)
  1. 1 February, 23:11
    0
    True

    Explanation:

    A more precise way to describe the situation is that Joe's pizza parlor is a monopolistic competition. But that definition considers that all 'food' items have some degree of close substitute relation.

    But yes, if you consider this two conditions:

    a broad definition of monopoly other restaurants are not considered close substitutes for the food sold at the pizza parlor

    Then yes, Joe has monopoly
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