Which of the following may transform an industry from oligopoly to monopolistic competition?

Question

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The entry of new firms into an industry may increase competition and reduce the market share of existing firms, leading to a shift from oligopoly to monopolistic competition. This is because monopolistic competition is characterized by a large number of firms, low barriers to entry and exit, and differentiated products. When new firms enter an industry, they introduce new products or services, which may be similar to existing ones but with some differences, leading to product differentiation. This makes it harder for existing firms to maintain their market power, and they may have to lower their prices to stay competitive. As a result, the market becomes more competitive, with several firms operating at a smaller market share.

Which of the Following May Transform an Industry from Oligopoly