What term refers to exclusive control over a commodity or service that allows for price manipulation?

Monopoly refers to a market structure where a single seller or producer has exclusive control over a commodity or service. This dominance grants the monopolist the ability to influence prices and manage supply levels, as there are no close substitutes available. In a monopolistic situation, the firm can set prices higher than what would prevail in a competitive market, maximizing profits at the expense of consumer welfare.

In contrast, demand refers to the consumer's desire and willingness to pay for a good or service, while stagflation describes a situation where inflation and unemployment rise simultaneously, leading to stagnant economic growth. Recession signifies a period of economic decline characterized by shrinking GDP and increased unemployment. None of these alternatives provide the same level of market control or price manipulation capabilities as a monopoly does, which is why monopoly is the correct answer.