Collusion: When firms in an oligopoly agree to work together and act as a single entity by setting prices collectively. This helps them maximize profits at the expense of consumers.
Price leadership: In an oligopoly market, one dominant firm sets the price for the industry and other firms follow suit. This firm becomes the leader in determining pricing strategies.
Product differentiation: The process by which firms create unique characteristics or attributes for their products to distinguish them from competitors' products. It can include differences in design, packaging, branding, features, or quality.