The market structure in which natural or legal barriers prevent the entry of new firms and a small number of firms compete is

Question

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The market structure described is known as oligopoly, where there are only a few dominant firms in the market who have significant market power due to either natural barriers (such as high fixed costs) or intentionally created legal barriers (such as patents). These barriers make it difficult for new firms to enter the market and compete, leading to a small number of firms dominating the industry.

The Market Structure in Which Natural or Legal Barriers Prevent