What are the three main arguments given by advertising's critics and by its supporters?

Some of the main arguments against advertising is that it adds to the cost of the product. Because of such extreme measures that are being taken the product makers, we the consumer pay a larger price than otherwise objected. So in essence, we are paying for the advertisement that convinces us to make the purchase in the first place. The second critique is that advertising causes the consumer to purchase items that we don't otherwise need. We are suckered in to a good ad that convinces us that we just have to have a product and once we get it, we may use it once and then it sits on the shelf collecting dust. The third argument is that advertising reduces competition and and causes monopolies. One product brand has the advantage over the rest by committing to more expensive marketing tools and gets the most attention from consumers than others. Now flip this argument and the same answers can be for those supporting advertising methods. They want the consumer to believe that their item is needed. They want to be head and shoulders above the rest of the companies selling the same product and they want the consumer to pay more for the brands to make money.