Which of the following best describes the concept of a market monopoly?

The concept of a market monopoly is best represented by the ability to control prices and limit competition. In a monopoly, a single company or entity holds significant market power, meaning it can influence the price of goods or services significantly because there are no close substitutes available. This lack of competition allows the monopolistic entity to engage in practices such as price setting, which can lead to higher prices for consumers than would be seen in a competitive market.

This definition captures the essence of monopoly power, as it highlights both the control over pricing and the suppression of competition, allowing the monopolist to engage in practices that may not benefit consumers or the market as a whole.