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I knew without a doubt that price gouging was the answer they were looking for...
HOWEVER monopolistic is also a correct answer as well, as there was *no other information supplied* by the question. This is as you mentioned. I realize what your professor was saying, but the way he worded the question is NOT in fact the way he THINKS he worded the question, there's nothing in the question to imply a change to the status quo.
If you want to take the approach of some of the standardized tests, where there's multiple right answers and you have to choose the BEST right answer. You're SOL. but for a college class, I'd say it's still worth arguing your case.
The reason why it's the 'best right answer' is because of the key word 'need'. (imo)
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