Question

Complete control of trade in a commodity is called a:

(a) Monopoly
(b) Oligopoly
(c) Monopolistic competition
(d) Perfect competition

Answer 1

A monopoly is complete control of trade in a commodity where one firm has exclusive control over the production and sale of a good or service in a market.

Step-by-step explanation:

Complete control of trade in a commodity is called a monopoly. In a monopoly, one firm has exclusive control over the production and sale of a good or service in a market. Monopolies have no significant competition, allowing them to set prices as they wish.