Which of the following terms refers to a market or industry in which there is only one producer that can singularly control the prices of its products? Monopoly Monopolistic competition Oligopoly Perfect competition IDONT KNOWYET

The correct answer is Monopoly. In a monopoly, there is only one producer in the market or industry, and this single producer has the power to control the prices of its products. This is because there are no other competitors in the market, and consumers have no alternative options. Monopolies can arise due to various factors, such as government regulations, patents, or the presence of high barriers to entry for other firms.