Although monopolies have several disadvantages within the economy, some aspects are still viewed positively. One advantage of having a monopoly is the ability to pour funds into research for different productions such as medicine, automotive, and technology. For example, in the medical field, pharmaceutical companies that have confidence in their company can capitalize on their earnings and take the risk of funding further research for the medications they supply. In addition, the high prices for medicines compensate for the time and resources used to make them.

As great as the ability to conduct further research is, monopolies create an unfair advantage in serving the people. For example, the medicine prices are too high for less fortunate people to pay for healthcare care. If someone has a child with a rare illness that only one company provides treatment or medicine, they can charge as much as they want because there is no competitive market for the disease. The lack of choices and puts people in tough spots when considering their health and financial situations.

Veronica Logan

What advantages do monopolies have for the economy

Monopoly companies have a business that it is the only business that provides a product or service that is not offered anywhere else.They operate on a larger scale that most don’t and they can keep up with the demand regardless of supply or price.Just like patents , a patent usually expires within twenty years it all depends on your market. Some patents expire at different times but when you are creating or innovating you should have a patent it protects you and your invention. A patent keeps someone from making the same thing you did and claim it for themselves. 

What disadvantages do monopolies do for the economy

Monopolies provide everything that the consumer needs in their market because they are the only business that offer the products or services they need. They can raise prices at anytime  knowing consumers will pay because of the demand. If smaller companies try to offer that product or service for less then the monopoly will decrease their prices in order to keep or shut that business down,that is when the government steps in and put regulations in place to keep the monopoly in place. When the monopoly company is forcing out the smaller competitor they start to lose product quality and or make new products because of keeping up with supply and demand.

What advantages do monopolies have for the economy

Monopoly companies have a business that it is the only business that provides a product or service that is not offered anywhere else.They operate on a larger scale that most don’t and they can keep up with the demand regardless of supply or price.Just like patents , a patent usually expires within twenty years it all depends on your market. Some patents expire at different times but when you are creating or innovating you should have a patent it protects you and your invention. A patent keeps someone from making the same thing you did and claim it for themselves. 

What disadvantages do monopolies do for the economy

Monopolies provide everything that the consumer needs in their market because they are the only business that offer the products or services they need. They can raise prices at anytime  knowing consumers will pay because of the demand. If smaller companies try to offer that product or service for less then the monopoly will decrease their prices in order to keep or shut that business down,that is when the government steps in and put regulations in place to keep the monopoly in place. When the monopoly company is forcing out the smaller competitor they start to lose product quality and or make new products because of keeping up with supply and demand.