Revise this Market Structure and Elasticity paragraph give it more professional tone:

The text identifies Samsung as an oligopoly, a market structure characterized by a few dominant producers who exert significant influence in the market, with limited competition. The pricing of the Galaxy S20 Ultra, set at a substantial $1,599 for the 512 GB memory variant, suggests that Samsung may be leveraging the concept of price elasticity of demand. In an oligopolistic market, firms often pay close attention to how consumers respond to price changes. The higher price tag for the Galaxy S20 Ultra may allow Samsung to maintain its profit margins despite potential reductions in production supply.