In competition law, monopolists have always been considered the villains – towering giants accused of squeezing rivals, locking in consumers and stifling entry of newbies in the market – but what happens when the villain is not one, but a band of giants who never act in collusion, yet march to the same drumbeat? This is the puzzle of collective dominance that faces most competition authorities in contemporary markets. With oligopolistic markets on the rise, where a group of e