Question

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

corporation

monopoly

tariff

Answer 1

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