What are the pros and cons of monopolies?

Encyclopedia of Opinion

Question: What are the pros and cons of monopolies?
Position‹2 of 2: Monopolies are damaging to economies

This position holds that monopolies are damaging to economies. It argues that competition is central to a healthy economy, and that monopolies choke it — reducing innovation and entrepreneurship, suppressing workers' wages, and driving prices higher for consumers.

Supporting arguments · 5

Monopolies reduce wages for workers
Monopolies or tight oligopolies have pricing power as well as market power, thus giving them the ability to reduce their workers' wages.
Oligopolies behave like monopolies
Concentrated oligopolies are just as bad for economic growth as monopolies
Monopolies reduce innovation
Monopolies do not have to worry about constantly making innovations to their product because consumers are forced to buy from them in the first place. A lack of market competition equals a lack of innovation.
Monopolies reduce entrepreneurial activity
Rising product market concentration leads to a collapse in entrepreneurial activity
Monopolies lead to higher prices
With no consumer choice, companies have pricing power. Consumers have no choice but to buy from the company who has a monopoly because they have no other options. Because of this, the company with a monopoly can set prices as high as they want, since they do not need to compete with other company's products to win consumers over.