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OLIGOPOLY image - Coggle Diagram
OLIGOPOLY 
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Features
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Collusion (informal agreements between firms to restrict competition) may occur, for eg, price fixing
Non-price competition, for eg, branding and product differentiation, to avoid price wars
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Advantages
Choice- consumers are offered product choice by firms, driven by competition
Quality- a form of non-price competition, firms can gain a competitive advantage by portraying that they are superior in terms of product quality
Economies of scale- Large firms can exploit cost benefits through large scale production (lower average costs) which may be passed on to the consumer
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Price wars- if price wars lead to sharp price cuts, it can benefit consumers.
Disadvantages
Collusion- these can result in price fixing, which will exploit consumers
Limits choice- If market is spread out geographically, it limits choice for consumers (price included)
Price wars- may eliminate one or more firms from the market; reduces competition and therefore limits choice and drives prices up
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Inefficiency- firms may be inefficient in production and allocation, since there is no need to lower prices because of a lack of choice for consumers
What I have learned
1) What an oligopoly is
2) The main features of oligopolistic competition
3) The advantages of oligopolies
4) The disadvantages of oligopolies