Naturally there are clear benefits to having more than one monitor. Multitasking is easier, you don't have to switch between windows as often, it's easier to manage things like social media, etc... But how does it affect your productivity. There have actually been studies done about this very thing, with one such study from the University of Utah finding that people working on things like editing tasks showed higher productivity using two monitors as opposed to one.
The study found that more monitors decreased toggling time between windows on a single screen. This may not seem like much but this can actually save you 10 seconds for every five minutes of work. Having multiple monitors doesn't force you to toggle back and forth between windows and also allows you to take in more. However, not all the information on your monitors can be useful. This all depends on the size of your monitors.
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If you have multiple monitors but one of them is quite a bit smaller than the other (like if you're using a tablet or a laptop as a second screen). An ultrawide monitor is any monitor that has a 21:9 aspect ratio or better. Depending on the size of your monitor, your resolution will most likely be around 2560 to 3440 pixels wide and 1080 to 1440 pixels high. In addition to that, display sizes generally range from 29" to 34".
The 34" monitors are priced rather high, though for multitasking and productivity for a single monitor they are definitely worth it. These monitors are so large that it is easy to have multiple windows occupy the same screen without the content on those screens being diminished to severely. And with resolutions of 3440 x 1440 everything should look really nice.
To boil it all down yes, having multiple monitors can increase your productivity. However, it all really depends on what you are using your computer for. There are situations where having multiple monitors or a single ultrawide monitor is absolutely necessary. But for average users, having two monitors could be more of a luxury than a necessity.
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