You and your friends are planning to start a business that will provide pet-walking services to residents of Toronto. Your research shows that there are significant barriers to enter this

business that include government regulations, higher financial demands, and availability of specific skills provision which are controlled by several licensing authorities. You also note that there is a single supplier who has been dominating the pet-walking services for more than a decade. Based on your understanding of the market structures, which one of the following best describes the situation related to your proposed business? O pet-walking business is a profitable idea, therefore one provider is sufficient to meet the needs of customers pet-walking business is a profitable idea, therefore it is highly regulated The industry has the minute levels of regulations, it will be easier for us to start this business The industry is slightly regulated and has a single provider that exemplifies monopolistic competition The industry is highly regulated and has one dominant provider which exemplifies a monopoly