Question

When/How is a monopoly considered to be "good" or "bad" from and consumer's perspective? The supplier's perspective?

Answer 1

monopoly is considered to be bad from consumers perspective because monopoly charges higher prices for their product. so, higher prices reduces the consumer surplus because consumer surplus is the area below the demand curve and above the price line.

monopoly is considered to be good from supplier's perspective because monopoly charges higher prices for their product. so, higher prices increases the producer surplus because producer surplus is the area below the price line and above the marginal cost curve.