Question about Oligopoly

TELEPACIFIC EXPANDS INTO TEXAS WITH TEL WEST PURCHASE, present two arguments. The first should argue in favor of the proposed merger, from the perspective of the firms. The second argues against the proposed merger from the perspective of the broader public interest. In those arguments, answer the following questions.
1. Explain the importance of competition among firms.
2. Explain whether the competitive environment in this industry benefits society or not.
3. Is a high degree of market concentration a boon or threat to consumers? Explain. Use either the allocative efficiency or dynamic efficiency arguments.
4. Can the oligopoly market structure benefit both consumers and businesses by forging common standards in industries that experience rapid technological change?
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Solution Summary

an oligopoly is discussed very comprehensively in this explanation..