A market has the following characteristics: a large number of independent sellers each producing a differentiated product, low barriers to entry, producers face downward sloping demand curves, and demand is highly elastiC．This description most closely describes（ ）。
These conditions characterize monopolistic competition. By contrast, monopolies and oligopolies have high barriers to entry and involve either a single seller (monopoly) or a small number of interdependent sellers(oligopoly). Similar to monopolistic competition, pure competition involves a large number of independent sellers. With pure competition, products are homogeneous(not differentiated), no barriers to entry exist(not low barriers to entry), and the demand schedule is horizontal(not downward sloping) and perfectly elastic (not highly elastic).