Briefly explain why economists think it is better for monopolies to be privately owned than publicly owned.

What will be an ideal response?

Many economists prefer private to public ownership of monopolies because of the incentive structure. Private owners want to minimize costs to increase their profits. If the private firm is doing a poor job on minimizing costs, there will be firings. When a government fails to minimize costs, it is often the customers and the taxpayers who foot the bill.