Microeconomics monopoly help.?

Question

How might we obtain the benefits of monopoly without having to put up with its disadvantages? Any help would be great, thanks.

Answer 1

It depends what type of a monopoly.  In a regular single-price monopoly, there are no advantages that cannot be met by a competitive market.

In a natural monopoly, where there are large investments required and a low marginal cost, the government can regulate the monopoly's price so that it is able to recoup its investments, but the consumers don't have to pay excessively.

In either case, it's really difficult to get rid of the disadvantages of lack of innovation and poor customer service.