Answer:
Check the explanation
Explanation:
The biggest and most notable reason why oligopolies exist is collaboration. A lot of Firms see more economic advantages in collaborating on a precise price than in trying to battle and drag price competitively with their competitors. By controlling prices in a cartel like way, oligopolies are able to raise their difficulty to entry.
A few oligopolists whose products I make use of are GMC, Samsung, Dell, Apple, UPS, and BP.
Oligopoly is differentiated from monopolistic competition in that oligopoly is comprised of a small number of businesses and they have distinguished or homogeneous products and trying to break-in into their line of business is very difficult.
