Provide specific examples on the negative effects of monopolies

The most common negative effects (along with specific examples) of monopolies are as follows:

1. Excess Pricing Power: The company that produces the good or service has no competition, therefore it can afford to raise prices for customers since they have no alternative.
2. Lack Of Innovation: The company has less of an incentive to innovate seeing that it has no competition. For instance, a nationalized sugar cane company will not care about innovating to achieve higher quality since customers will not have an alternative option anyways.
3. Limiting choice for consumers: The company will only provide the types of goods that are easy and cost-efficient to make. For instance, a nationalized apple producer will not make alternative forms or products such as applesauce, apple juice, etc. if it is not economically viable for them and since consumers can't go anywhere else anyways.