The effect of a company in an oligopoly making a product change is:
- They can arbitrarily increase the price of a product
According to the given question, we are asked to name the effect of a company in an oligopoly making a product change in a market.
As a result of this, we can see that the effect of this is that there would likely be unregulated price rises which would also lead to a lack of innovative products which would adversely affect the economy.
We should note that an oligopoly is a type of market which is made up of small firms who can make their own pricing, independent of the market price.
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