Time left $2$:$15$:$14$

Given that competitive markets are defined by $1)$ small firms each producing a small percentage of total output, the cable industry can be described as competitive because

Select one:

a$.$ the definition of "small firms" actually implies a small number of firms, and so a government$-$granted monopoly results in the smallest number of firms possible, namely, one per city.

b$.$ recent technological advancements have given customers the option of receiving television service via a large number of satellite companies and online streaming services. A single cable company would represent only a small portion of overall television service provision.

c$.$ each company, despite serving millions of customers nationally, only serves a few thousand people in a single city, so its per$-$city output is relatively small compared to its overall customer base.

d$.$ a cable company has to have an office in and provide service to dozens of different cities throughout the U$.$S$.,$ so even if a single cable company is very large in terms of market share, it is comprised of many small offices in each city.