In a market characterized by both monopoly power and oligopoly, how might a firm with monopoly power maintain its competitive advantage against oligopolistic competitors?

A firm with monopoly power has control over its product or service, allowing it to set prices and dictate terms without much competition. To maintain its competitive advantage against oligopolistic competitors, the monopolistic firm can focus on differentiating its product, making it unique in a way that attracts customers. For example, if a company has a patented technology that no other firm can replicate, it can offer features or quality that others cannot match. Additionally, the monopolistic firm can use its resources to invest in marketing and customer loyalty programs, ensuring that consumers prefer its product over those of oligopolistic rivals. By creating a strong brand and setting itself apart, the monopoly can continue to thrive even in a market with competing firms.