What are examples of firms in an oligopolistic market that abuse their power? Explain how they abuse their power and describe the impact on consumers . \Oligopoly is a market structure in which a...

What are examples of firms in an oligopolistic market that abuse their power? Explain how they abuse their power and describe the impact on consumers
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\Oligopoly is a market structure in which a small number of firms have the large majority and dominate market share. My example of oligopoly is our local cable company. This company is family owned and is the only cable company that we have to choose from. This company was founded in 1894, so it had been in operation for over 100 years. During their first years they operated as just a telephone company, but they now have telephone services, Internet, Cable, Home Security Systems, etc. I have noticed price increases over a period of time and they also drop cable channels that customers enjoy having, but nothing can be done if you want to have cable TV. We don’t have other companies to choose from and this is why it is defined as an oligopoly.
Explain how they abuse their power and describe the impact on consumers.

I once was with Verizon Wireless and my plan was supposed to be unlimited for $59.00 per month. When I received my first month’s bill, there were all kinds of charges like extra data, roaming, and early contract cancellation fees. I feel they abused their power with me and other customers because of these hidden charges and their contract binds you to them until it has expired.
Do you agree with the author’s feelings about increased government oversight of such industries? Why or why not?
I agree that there is an oversight by the government and oligopolistic market. According to Tim Wu “The F.C.C. was to insure carriers to use resources to serve the public interest, convenience and necessity”. He stated that something could have been done about the termination fees and the pricing plan for these companies, and it should have been done years ago. I this article explains why Verizon wouldn’t budge to change the bill for these overcharges and hidden fees. This wasn't public interest at all.

Please respond to the above comment than also comment on your own experiences with such industries and on their impact on you. Additionally, discuss whether you agree or disagree with your peer’s stance on regulation, explaining why.