Dumb article that attempts to create sympathy for monopolistic pricing power by foiling against the straw man of perfect competition. Perfect competition doesn't exist, and competition is the motivating factor that causes firms to seek price leverage.
It's just shock journalism.
We no longer have a predominantly-competitive economy. Cartels and trusts are the norm in the "new" America, and they own nearly half of the political system. Competition has become a command toward working people who are expected to compete to see who is most willing to suffer for economic elites. What we get from the non-competitive economy is suspect.
Although I can accept the idea of a monopolist operating in a naturally-constricted market (there might be room for only one business in the activity, and monopoly pricing is the only way for someone to participate in the local economy because a business owner must make a living -- there might be room for only one grocer, repair shop, or gas station in that market), I cannot accept it as an excuse for class privilege except out of fear of consequences to my bodily integrity or personal freedom. (Basically, support plutocracy or go on trial for treason or meet a death squad with my name on its execration/execution list).
Monopolies get high profits by constricting supply -- creating shortages that allow high prices, prices above market. Monopolies raise costs upon all other businesses and reduce the ability of other businesses to compete in the world market. Monopolistic pricing operates much like a tax upon those who need the monopolist's output as inputs. Thus, suppose that American steel costs $150 a ton in contrast to $40 on the world market. An American-built vehicle made in the United States has a built-in disadvantage of $110 per ton of steel. So if the steel business is non-competitive and the rail-car manufacturing business is competitive, American rail-car manufacturers will have a difficult time exporting.
Monopolists ordinarily give very poor service, even to the extent of an adversarial relationship with its customers. By constraining supply they as a rule create unemployment.
The excuse that monopolies foster innovation is a sham. Monopolists do everything possible to ensure that they get no competition. They lavish funds on politicians who promise to enforce monopoly conditions. Innovation by any other than themselves is a hazard to monopolists with captive markets.
