Monoclonal antibodies are identical antibodies produced by a single clone of B cells that bind to the same epitope. They are produced through the fusion of B cells with myeloma cells to create hybridomas that can produce identical antibodies indefinitely. The production process involves immunizing an animal, isolating spleen cells, fusing with myeloma cells, selecting clones that produce the desired antibody, and harvesting the antibody from culture supernatant. Monoclonal antibodies have advantages like homogeneity, specificity, and unlimited production, but also disadvantages like lower average affinity and potential loss of specificity. They have applications in diagnostic testing, cancer treatment, and identifying pathogens. Common side effects include fever, chills, and general weakness.