QUESTION 1 For the past few years, oil prices have been quite unstable. Although there are many oil companies worldwide, prices differ between countries, states and even suburbs. Which of the following statements is true? O The oil market is not perfectly competitive because there are strong barriers to entry. O The oil market is perfectly competitive because all the resources are essentially mobile. 0 The oil market is not perfectly competitive because there are many sellers and few buyers. O The oil market is perfectly competitive because the oil is not homogeneous. O The oil market is perfectly competitive because it is easy to exit the market