'Oligopoly' is the situation where there are few suppliers in a market, such as the auto or airline industry. In some ways it's good for the consumer. Think of the problem of replacement parts if there were 10,000 auto brands.
Being able to afford to pay more for goods does not mean that one should, simply because they can 'afford' it. Every dollar spent unnecessarily on one good, is a dollar that can't be spent elsewhere. If acting in one's own financial self-interest is greed, then everybody is guilty of it, from the wealthiest person on the planet to the lowest bum in the gutter.
Every financial transaction transaction that takes place between two parties in a free market is a win/win for both. Both have decided they can do without whatever it is they're trading more than what they're getting in return, or the deal would not take place. The buyer decides he would rather have the seller's goods than his money; the seller decides he would rather have the buyer's money instead of his goods. Whether they 'like' the deal they made is irrelevant; they still voluntarily made it.
Take note that when the government forces its citizens to buy something, that is not a free-market transaction.
And so is the inverse, if an external entity prevents you from performing the transaction. So nothing should be banned.
However as with all economic theories there are a lot of assumption applied to simplify the situation.
It convienently assumes there are no consequences external to the transaction
It assumes that both parties are fully aware and there is a level playing field that is not being artificially skewed in order for you to favour one transaction over another similar or equal transaction.
So it is a fantasy situation with little to no resembelance to reality. The FREE MARKET is a myth.
The dollar you do not spend on the locally made product is a dollar that is not available to support the thousands of people who produce the things you consume and a dollar that exits your local economy.
Just as a dollar introduced into a community has a multiplier effect and becomes hundreds of dollars, so to the dollar you export is removed from the local community and has multiplying effect.
And yes that dollar now goes to a different community where it will have the same multiplier effect as it would have had on your community but it is of no value to you and the people who depend upon you for their existence.
Every one remembers the most powerful force in economics, Compound Interest.
But every one conveniently ignores the second most powerful force in economics , the Internal Dollar.
And my favourite example;-
The drug addicted prostitute who sell you sexual pleasure and leaves you with a STD is a loose : loose transaction.:confused2: