Kellogg's, which controls 32 percent of the breakfast cereal market, cut the prices of some of its best-selling brands of cereal to regain market share lost to Post, which controls 20 percent of the market. General Mills has 24 percent of the market. The price cuts were expected to trigger a price war.
Based on this information, what market structure best characterizes the market for breakfast cereal?
A. Perfect competition
B. Monopolistic competition
C. Oligopoly
D. Monopoly.
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