if an oligopolist cuts the prices of its products, customers will remain unchanged in number.
Since in an oligopoly, the products do differ but only in some terms, thus different products can satisfy the needs of the customers. So customers mostly choose whichever product is cheaper.
So for example, in a mobile industry, if one network reduces its prices, then customers might start switching to it in order to get lower bills.
A market structure known as an oligopoly occurs when a few major sellers or manufacturers control a sizable portion of a market or an entire sector. Oligopolies frequently arise from the goal to maximize profits, which can result in corporate collaboration.
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