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Question

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

A
monopoly
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B
oligopoly
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C
simple monopoly
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D
perfect competition
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Solution

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.

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