Giancarlo said:No they don't. In fact there is no such thing as a private sector monopoly. Even Microsoft has competition. But speaking hypothetically, a monopoly in the private sector would be highly inefficient and would NOT PROVIDE THE FASTEST TECHNOLOGICAL GROWTH.
Monopolies exist in the public sector and are highly inefficient.
On the contrary, you better check your economics before you claim my statement contains inaccuracies, because the definition of monopolistic competition is "A large number of firms/businesses in direct competition" and oligopoly is "A handful of firms/businesses in direct competition".
As stupid as the term monopolistic may be, I did not name it thus, and wouldn't have done either, but my facts are correct as I do study A level economics.
Your post however, is also correct, because you refer to a monopoly, which as the name suggest, is a single firm in control of the market and determines prices and wouldn't need to improve technology at a rate created in a monopolistic market due to no strong competitors being able to achieve the economies of scale needed for vast production of such a good.