In what ways can customers gain and lose from the behaviour of firms in an oligopoly? In what ways can customers gain and lose from the behaviour of...

While a
"monopoly" is a market dominated by a single firm, an "oligopoly" is a
market dominated by a small number of large firms. The main characteristic of an oligopoly is
that it reduces competition.

The strongest negative of this is that
companies in an oligopoly have less incentive to reduce prices or improve services due to the
lack of competitive pressure. One major concern is that oligopolies can provide opportunities
for collusion or price-fixing, in which companies keep prices artificially high. Oligopolies can
also create barriers to the entry of new and innovative firms by...

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