The market structure in which natural or legal barriers prevent the entry of new firms and a small number of firms compete is Question 1 options: monopoly perfect competition oligopoly Question 2 (1 point) Suppose that industry A consists of four firms who collectively control 96 percent of total sales in the market. We can conclude that industry A is Question 2 options: a duopoly perfectly competitive an oligopoly Question 3 (1 point) Which one the following industries is the best example of an oligopoly? Question 3 options: the motor vehicle industry the fast-food industry the market for wheat Question 4 (1 point) Which one of the following industries is the best example of an oligopoly? Question 4 options: the battery industry the footwear industry the sporting goods industry Question 5 (1 point) Which one of the following characteristics applies to oligopolistic markets? Question 5 options: There is a large number of firms Firms are large relative to the size of the market The absence of barriers to entry of firms