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Rasek [7]
3 years ago
9

Which economic term describes a situation where one company controls all the means of production of a product and can set its ow

n price?
inflation

corporation

monopoly

tariff
History
1 answer:
dsp733 years ago
5 0

Answer:

Monopoly

Explanation:

This describes a monopoly.

A type of economic condition in which a group controls all the means of production, and can set their price is called A Monopoly. Broadly speaking, there is one major player who controls the whole market and is thus able to know the quantity and cost of the goods it produces . We have various kind of monopoly namely

  1. Simple monopoly and Discriminating Monopoly
  2. pure monopoly and Imperfect Monopoly
  3. natural monopoly
  4. Legal monopoly

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