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?

Answer 1

Monopoly describes a situation where one company controls all the means of production of a product and can set its own price

Answer 2

It would be the term "monopoly" that describes a situation where one company controls all the means of production of a product and can set its own price--these are outlawed in the United States.