Trivia: The exclusive possession or control of a commodity is called what?
Market socialism
Free market
Competition
Monopoly
The correct answer is Monopoly
So why is this answer correct? : The United States’ mixed market economy and free market principles operate under the assumption that natural competition will create the best outcomes for consumers. However, sometimes a business becomes too dominant in a sector and forms a monopoly, which means one business has complete control over that sector. In the U.S., there are antitrust laws that try to keep monopolies from controlling the market while promoting healthy competition.