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1.There are currently 8 firms in a particular market. There firm sales are given in the tablebelow. What is the four-firm concentration ratio for this industry? Would you classify it as anoligopoly?FirmSales1$1,0002$1,5003$2,0004$2,5005$3,0006$1,0007$5008$2,5002. Although market structures vary widely in their characteristics, what is one common aspectamong all of them? Does your previous answer have any potential calculation?3. In the long run, which market structures are likely to have their average cost curve just sit ontop of their demand curve? What does this imply for each market structure? Are there anydifferences in the market structures you gave in your previous answer?4. What market structure(s) are likely to cause a net loss to societal welfare?