Final answer:
A monopoly controls prices and availability in an industry by having exclusive control over the supply of a good or service.
Explanation:
Monopoly is the type of market structure that controls prices and availability in an industry. In a monopoly, there is a single firm with exclusive control over the supply of a particular good or service, allowing them to set prices based on their output decisions. This power comes from factors like economies of scale, government restrictions, and patents.
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