Monopolies harm consumers from "summary" of Capitalism and Freedom by Milton Friedman
Monopolies, by their very nature, restrict competition and limit consumer choice. When a single company dominates a particular market, it can dictate prices and quality without fear of losing customers to competitors. This lack of competition leads to higher prices for consumers and lower quality products or services. Without the incentive to innovate or improve, monopolies can become complacent and fail to meet the needs of consumers effectively. Furthermore, monopolies can stifle entrepreneurship and prevent new businesses from entering the market. With barriers to entry created by the dominant player, smaller comp...
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