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.
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