... of market domination is in the form of an oligopoly, which is the cooperation of several companies to achieve the same scale of market domination. Such as the collaboration between Lloyds and TSB. The reasoning behind the possibility of market domination is due to an almost inelastic demand for certain products, i.e. cigarettes and petrol. This is why monopolies can cripple an economy if they gain market control as people require some products no matter what the price; therefore no competition equals no price variance. To prevent such domination occurring the office of fair trading and suchlike public sector bodies put in place laws to control price fluctuations and seek to introduce fresh competition into certain sectors of trade to create a higher level of competition. These regulators can also block takeover moves or any similar business activities which it believes may lead to the rise of a monopoly. ...

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