The figure illustrates the market shares of the main video-streaming services. Based on this information, answer the

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The figure illustrates the market shares of the main video-streaming services.

Subscriptions to on-demand video services in the United States in 2017 Share of consumers aged 12+ 60% 40%

Based on this information, answer the following questions:

a. The on-demand video industry is most accurately described as which type of market structure: perfect competition, monopolistic competition, oligopoly, or monopoly? 

b. Explain why Netflix and Amazon have market power in this industry. Do they benefit from limited competition, product differentiation, or both?  

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