However, when the number of firms is smaller so that oligopolies (a few dominant firms) or monopolies (a single dominant firm) appear, the likelihood that the benefits outweigh the costs is substantially diminished and scrutiny from regulators is needed. One case where scrutiny is certainly needed...
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For instance, microeconomists use game theory to explain how oligopolies -- industries with just a small number of firms -- make decisions as they interact strategically in the marketplace, to explain strategic interactions between bidders in auctions and to explain many other areas where the actio...