Price collusion only occurs when firm decides to work together to influence a market or pricing for their own advantage. However it is also mostly likely to appear in an oligopoly market in a situation where there're few firms that sells identical or similar products at one extremes of perfect competition. Therefore, is fair to say that they're engaged in price collusion" Since there are a small number of firms in an oligopoly, each firm's profit level depends not only on the firm's own decisions, but also on the decisions of the other firms in the oligopolistic industry"

B.

There new fast food restaurants in my city that are specialized in making fried chicken wings. Some of the factors that give it monopoly power is based on it location in a financial district and tourism neighbouring, quality of their food, services, and the amount charged. The business charges a fair price to what they offer becauseon other factors, such as the quality of the ingredients, different menu option for both vegans and non-vegans, other services that they offer.

If I were to takeover this business I would continue to to use the same key elements of product differentiation such as the locations, ingredients, service, price and varieties availability. Please comment on the text.