Which of the following describes the monopolistic control of a product or service with no viable substitute?

Monopoly accurately describes a market structure where a single entity has exclusive control over a product or service, and there are no close substitutes available. This means that consumers cannot turn to alternative sources when the price is set, allowing the monopolist to dictate terms.

In a monopoly, the firm has significant market power, which typically leads to higher prices and reduced output compared to competitive markets. Because there are no viable substitutes for the monopolized product or service, the monopolist can maintain this control and potentially maximize profits at the expense of consumer choice and market efficiency.

Understanding this structure is fundamental in economics as it highlights the implications of limited competition and its effects on consumers and the economy overall. The term monopoly is distinct from other concepts such as competition or price fixing, which involve different market dynamics.