Final answer:
An industry dominated by a small number of firms is called an oligopoly. It features very few producers with high barriers to entry, in contrast to a monopoly where a single firm dominates the industry.
Step-by-step explanation:
A situation where a particular industry is dominated by a small number of firms is known as an oligopoly. This market structure is characterized by very few producers supplying similar products and is notable for high barriers to entry. An oligopoly leads to a scenario where these few companies hold significant market power, often resulting in higher prices and less competition.
In contrast, a monopoly exists when an industry is controlled by a single firm, which has the ability to greatly influence price and quality without competition from other firms. Examples of oligopolies can be seen in industries like commercial aircraft, where firms such as Boeing and Airbus dominate, or the soft drink industry, controlled by Coca-Cola and Pepsi.