Have You Used Ketchup? Have You Bought Ketchup in a Supermarket

Multiple Choice

Have you used ketchup? Have you bought ketchup in a supermarket? Consider the characteristics of market structures and decide to which the ketchup industry belongs.

A) oligopoly because it represents competition among the few
B) monopolistic competition because the demand curves for each brand is horizontal
C) perfect competition because the good is identical (ketchup is ketchup)
D) monopoly because the firm demand curve is the industry demand curve
E) monopoly because there are no good substitutes