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

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

Simple monopoly and Discriminating Monopoly pure monopoly and Imperfect Monopoly natural monopoly Legal monopoly