Final answer:
The prosthetic group necessary for myoglobin and hemoglobin to bind oxygen is heme, an iron-containing complex crucial for oxygen transport in the blood.
Step-by-step explanation:
The ability of both myoglobin and hemoglobin to bind oxygen is contingent upon the presence of a prosthetic group known as heme. This iron-containing complex is critical to the oxygen transport function of these proteins. The heme group allows for the reversible binding of oxygen to the iron (Fe2+) at its center. It is important to note that if this iron is oxidized to Fe3+, the protein's ability to bind oxygen is hindered. Both myoglobin and hemoglobin have a similar structure, where the heme complex is bonded to a globin protein. The structure of heme, in turn, bears resemblance to chlorophyll, another important biological molecule involved in photosynthesis.