Final answer:
An oligopoly is a market structure with a few sellers offering similar products and high barriers to entry. Monopolistic competition is a market structure with many sellers offering similar but varied products and few barriers to entry.
Step-by-step explanation:
Oligopoly is a market structure characterized by very few producers supplying similar products with high barriers to entry. This means that there are only a small number of sellers, and each seller offers similar or identical products. Oligopolies often arise in industries such as automobiles, computers, and soft drinks, where a few large firms dominate the market.
Monopolistic competition, on the other hand, is a market structure characterized by many producers supplying similar but varied products with few barriers to entry. In monopolistic competition, there are multiple sellers, and each seller offers slightly differentiated products. Examples of monopolistic competition include restaurants, clothing stores, and hair salons.
Therefore, the correct answer to your question is oligopoly, as it best describes a market structure with only a few sellers offering similar or identical products with high barriers to entry.