In this market, all firms stick to their own price. If a firm reduces its price to increase its market share rivals will do the same, they will lower their price even further than the initial firm. If a firm increases its price other firms will also retain their price. Currently, in the world, there are industries where oligopolies are prevalent and exacerbated by the nature of these industries. In such industries, firms have cooperated to maximize their profits though individually they exist as oligopolies. Cooperation of oligopolies leads to the formation of cartels. Firms in pharmaceuticals, health insurance, and technology industry have successfully established oligopolies. For instance in the technology industry;