An industry is characterized by the following: monopolistic competition; firms that compete based on differentiation AND firms that compete on cost leadership; little brand loyalty; low customer switching costs; and many potential substitute products. For this industry suppliers have a high level of bargaining power, and little investment is required to enter the industry. These factors would tend to suggest the following in an industry analysis (choose the best answer without making other assumptions): O competitive rivalry is fierce the industry has high barriers to entry the industry has a high concentration ratio customer buyer power is low the industry has a high average profitability and would be considered attractive