You need to answer the following two questions precisely: Social media industry

A. How can the structure of the social media industry best be characterized: perfect competition, monopolistic competition, oligopoly, or monopoly? Briefly go over the market characteristics to confirm your definition here.

B. How many major firms (up to top four if applicable) are there in the industry and what are their market shares? A table showing the market shares is required here.

Do not forget to state the general shape of cost curves for firms in this industry.