Final answer:
To reload or refresh MySQL privileges, execute the FLUSH PRIVILEGES command within the MySQL prompt.
Step-by-step explanation:
The correct answer to the question How can you reload/refresh MySQL privileges? is by running the FLUSH PRIVILEGES command. This statement tells the MySQL server to reload the grant tables, which effectively refreshes the privileges. It is not accomplished by using a 'RELOAD PRIVILEGES' command, restarting the server, editing the configuration file, or running a diagnostic tool.
In practice, you would typically use this command in the MySQL prompt after making changes to privileges or adding new accounts, like this:
FLUSH PRIVILEGES;
It is important that every administrator managing a MySQL database understands how to properly apply and refresh privileges to ensure that the database operates securely and as expected.