The figure illustrates the market shares of the main video-streaming services. Based on this information, answer the following questions: a. The on-demand video industry is most accurately described...

Based on this information, answer the following questions:

a. The on-demand video industry is most accurately described as which type of market structure: perfect competition, monopolistic competition, oligopoly, or monopoly?

b. Explain why Netflix and Amazon have market power in this industry. Do they benefit from limited competition, product differentiation, or both?