I. 🍃Introduction
- Definition of a monopoly
- Importance of studying monopolies in economics

II. Advantages of a monopoly
- Lower average costs of production due to economies of scale
- Lower prices for consumers
- Larger profits for the company, which can be spent on R&D
- Improved quality of the product due to higher R&D

III. Disadvantages of a monopoly
- Use of market power to increase prices
- Lack of competition reduces pressure to improve quality
- Consumers have less choice
- Lack of availability if the monopoly restricts supply to drive up price
- Higher average costs due to diseconomies of scale

IV. State-owned monopolies
- Definition and examples
- Goal of increasing social welfare
- Potential drawbacks

V. 👉Conclusion
- Summary of advantages and disadvantages of monopolies
- Importance of balancing market power with consumer welfare