I have to tell whether it is a monopoly, oligopoly, monopolistic competition, etc…It is a small photography studio but the work is incredible and it’s pretty expensive, and sessions book very quickly. It is owned by one person and she is the main photographer.
I would eliminate monopoly and perfect competition. The studio has competition or closely related substitutes so Monopoly won’t fit. She is not a price taker in a homogeneous industry. Photography is unique and can be intellectual property. Therefore, I would assume monopolistic competition based on differentiation practices. The only thing that would make it oligopoly is kinked demand curve based on the strategies of its competition, but the prices and quantity are not really based on what the Competition is doing, right? I would also assume that there is not a high concentration ratio for the photography studio market either.
Monopolistic competition is the best fit. Market share is small, pricing is unique to the differentiation, there is competition substitutes, but again separated by price due to differentiation.

I would eliminate monopoly and perfect competition. The studio has competition or closely related substitutes so Monopoly won’t fit. She is not a price taker in a homogeneous industry. Photography is unique and can be intellectual property. Therefore, I would assume monopolistic competition based on differentiation practices. The only thing that would make it oligopoly is kinked demand curve based on the strategies of its competition, but the prices and quantity are not really based on what the Competition is doing, right? I would also assume that there is not a high concentration ratio for the photography studio market either.
Monopolistic competition is the best fit. Market share is small, pricing is unique to the differentiation, there is competition substitutes, but again separated by price due to differentiation.
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