The advantages of a monopoly include reducing resource waste, improving efficiency due to better investments, providing discounts to the economically weak and investing in research and development; some disadvantages include poor service, low quality goods and higher prices, no consumer sovereignty and no competition. When a monopoly has low competition, this may result in consumers getting goods that are either out of date or low in quality.
In a market, a monopoly is the only seller, but there are numerous buyers. This allows them to set their prices without fear of competition having lower prices. The consumers in the monopoly's market may not have a lot of information about the monopoly or what they offer. The goods they offer generally do not have comparable substitutes.