effects on firms of cutting prices in an oligopolistic market

Revenue falls, use lined demand curve for this, output rises, first mover gains an increase in short term profits use matrix

If an individual firm cuts the price in an oligopoly every other firm does exactly the same, meaning customers wont flock to the initial cutter. The initial cutter will only see a small increase in demand. Revenue is likely to decrease due to lower prices (and only a tiny bit more demand). As a consequence firms in oligopolies prefer non price competition.