Absolutely not the monitor.
Power off. Open the coin door. Look for the panel with the volume control on it. There's a test switch you can slide up or down. Slide it to the other position it's at now. Power on.
You'll probably see the flashing again, but assuming the game board is getting correct power and everything else, you'll hear a series of beeps. The type of beep reports if certain parts of the game are good or bad.
If you don't even get beeps, then something is preventing the game circuit board from operating properly.