What is a key characteristic of a monopoly in terms of market power?

A key characteristic of a monopoly is that it has significant market power, meaning it is the sole provider of a product or service in a particular market. This allows the monopoly to set prices higher than what would be possible in a competitive market, where many companies offer similar products. For example, if a company is the only supplier of a unique medication, it can charge a high price because consumers have no alternative options. This market power can lead to higher profits for the monopoly, but it may also result in less choice and higher prices for consumers. Therefore, monopolies can affect how much people pay and what products are available in the market.