1) Government imposes regulatory barriers to entry, inhibiting new businesses from entering the market
2) Incumbents buy each other and raise prices
If you only had the second one then as soon as the incumbents tried to raise prices, new businesses would want a piece of it and enter the market, causing prices to fall until it was no longer profitable to enter the market.
2) Incumbents buy each other and raise prices
If you only had the second one then as soon as the incumbents tried to raise prices, new businesses would want a piece of it and enter the market, causing prices to fall until it was no longer profitable to enter the market.