Final answer:
A monopoly market is described as a single seller who has significant market power and can set prices according to its own discretion.
Step-by-step explanation:
A monopoly market is described as a single seller. This means that in a monopoly, there is only one firm that produces and sells the product or service in the market, and it has no close substitutes. Unlike in a perfectly competitive market, where there are many firms and no single firm has control over the market price, a monopoly has significant market power and can set prices according to its own discretion.
Thus, a monopoly market is characterized by a single seller dominating the entire industry, with no close substitutes for its product or service. This absence of competition grants the monopolist significant pricing power. Barriers to entry, such as high entry costs or exclusive access to resources, further contribute to the monopolistic nature of the market.