When exploring the rationale behind the term "monopolistic competition," the most fitting explanation is that the industry is deemed "monopolistic" because it

a$.$ has product differentiation, but is "competitive" because it has many firms.

b$.$ holds patents, but is "competitive" because other firms might invent similar patentable products.

c$.$ has low barriers to entry, but is "competitive" because it has few firms.

d$.$ has a monopoly, but is "competitive" because there are low barriers to entry, meaning it has potential rivals.

e$.$ has high barriers to entry, but is "competitive" because it has many firms.