Swadee's Jewelry is one of six hundred makers of ruby rings in Thailand. The rings display differences across the companies because each jewelry company has its own designs. Swadee is the fourth-largest producer of ruby rings in Thailand and sells 15% of the ruby rings in the market. Which statement is descriptive of the structure of the ruby ring market in Thailand? (A) The market cannot be monopolistic competition or an oligopoly. (B) The ruby ring market is an oligopoly because there are six hundred companies competing against each other. (C) It is a perfectly competitive market since there are six hundred companies that produce a homogeneous product. (D) It has some characteristics of monopolistic competition except that there are a few firms that have significant market share.
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