How did monopolies affect the price of goods?

Monopolies would make the prices super low that competition was non existent. Since monopolies are lone providers, they can set any prices they choose. That's known as price-fixing, and they can do this regardless of demand because they know consumers have no choice.

How do monopolies affect the price of goods?

A monopoly contributes to price increases, leads to the creation of inferior products and discourages innovation. Monopolies inhibit free trade and limit the effectiveness of a free-market economy.