Question

The form of market in which the only seller of a commodity has full control over the price is known as _______.

• A. monopoly
• B. oligopoly
• C. simple monopoly
• D. perfect competition

Answer 1

The correct option is A monopoly

Monopoly is a market situation where there is only one seller and who has a full control over the prices of the products.

Monopoly is that market in which one company is a single source of product in the market. Hence, the form of market in which the only seller of a commodity has full control over the price is known as monopoly.