Peet's Coffee and Teas produces some flavorful varieties of Peet's brand coffee. Is Peet's a monopoly?
A) Yes, there are no substitutes to Peet's coffee.
B) No, although Peet's coffee is a unique product, there are many different brands of coffee that are very close substitutes.
C) Yes, Peet's is the only supplier of Peet's coffee in a market where there are high barriers to entry.
D) No, Peet's is not a monopoly because there are many branches of Peet's.
Answer: B
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