Nationwide and across the world, the streaming media industry is a monopolistically competitive one. Netflix is one of the companies operating in this market.

According to Layton (2020) in her Forbes.com article: "From a DVD by mail company, Netflix has transformed itself to a global behemoth through the global reach and quality of broadband networks. It accounts for a staggering one-third of the world's streaming content and has some 170 million subscribers, more than any cable provider in the world and 8 times more subscribers than Comcast. This size makes Netflix a price maker in the market, an entity with the ability to influence the price it charges as the good it produces does not have perfect substitutes. A price maker within monopolistic competition produces goods that are differentiated in some way from its competitors' products, notably its unique content."

Use the quoted text above and the chapter concepts (Describing Monopolistic Competition) to answer the following questions:

1. What makes Netflix a monopolistically competitive firm? (List 3 descriptors)
2. How has Netflix made this market less competitive?