What is described as the exclusive control over a commodity or service which allows for price manipulation?

The correct answer is monopoly. A monopoly occurs when a single company or entity has exclusive control over a particular commodity or service, which enables it to dictate the price without competition. This lack of competitors means that the monopoly can manipulate prices as it sees fit, often resulting in higher prices for consumers and potentially lower quality of service or product due to the absence of market competition.

In a monopoly, the firm controls the entire market for a good or service, making it difficult for other companies to enter and compete. This concentration of market power can lead to inefficiencies and a reduction in consumer choices, as the monopolist may prioritize profit maximization over customer satisfaction.

While oligopoly refers to a market dominated by a few firms and can also influence prices collectively, it does not provide the same level of exclusive control as a monopoly. A free market describes an economic system with minimal government intervention, where prices are determined by supply and demand, but does not imply control by a single entity. A cartel involves a formal agreement between competing firms to control prices or production, but this is different from monopoly, where one entity holds all power.