Harry Cutter is the owner of Harry's Hairy Business,one of a large number of barbershops that compete against each other in the city where Harry lives.Harry has tried to attract more customers by staying open longer hours than most barbershops,and by advertising heavily on local radio to convince people that he offers the best haircuts in town.Harry appears to be operating in an oligopolistic market.

Question

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An oligopolistic market is characterized by a small number of firms dominating the market. Since there are a large number of barbershops competing, it suggests a more competitive market structure, such as monopolistic competition.

Harry Cutter Is the Owner of Harry's Hairy Business,one of a Large