When a company owns and controls the marketplace, the term that best describes it is a Monopoly.
What is a monopoly?
A monopoly is a market situation where there is little to no competition.
The major characteristics of a monopoly are:
- Profit maximization
- Price fixing
- High entry barriers
- Single seller
- Price discrimination.
Thus, when a company owns and controls the marketplace, the term that best describes it is a Monopoly.
Learn more about monopolies at https://brainly.com/question/7217942
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