What economic concept refers to a monopolist limiting exchanges to increase prices?

The concept of a monopolist limiting exchanges to increase prices is a key characteristic of a monopoly. In a monopoly, a single seller dominates the market for a particular good or service, which allows them to control prices and exclude competitors. By limiting production or restricting the availability of their product, the monopolist can create artificial scarcity, leading to higher prices. This stands in contrast to competitive markets, where multiple sellers work to drive prices down by competing on quality, price, and service. A monopoly undermines the principles of competition, resulting in decreased consumer choice and typically higher prices. This behavior illustrates the economic power a monopolist wields in manipulating the market for their benefit.