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Which economic term describes a situation where one company controls all the means of production of a product and can set its own price? a. tariff b. monopoly c. inflation d. co…

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asked Mar 24, 2017 112k views

4 votes

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

a. tariff
b. monopoly
c. inflation
d. corporation

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high-school

Eleeist asked

by Eleeist

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1 Answer

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Monopoly describes this situation best.

William Whyte answered Mar 30, 2017

Which economic term describes a situation where one company controls all the means of production of a product and can set its own price? a. tariff b. monopoly c. inflation d. co…

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