An industry comprising 40 firms, none of which has more than 3 percent of the total market for a differentiated product, is an example of

A) monopolistic competition.
B) oligopoly.
C) pure monopoly.
D) pure competition.

Total Market

The complete pool of potential buyers and sellers in a market, including all segments and types of consumers and producers.

Monopolistic Competition

A market structure characterized by many firms selling products that are similar but not identical, allowing for significant competitive pressure but some degree of pricing power.