A firm is operating in the United States with only two other competitors in the industry. a. It is likely this industry would be characterized as multiple choice 1 oligopoly. pure monopoly. monopolistically competitive. perfectly competitive. b. Firms in this industry will likely earn multiple choice 2 a normal profit. an economic loss. an economic profit. c. If foreign firms begin supplying the product, increasing the number of competitors, it is likely that multiple choice 3 economic losses will become smaller. economic profits will fall. normal profits will increase. economic profits will increase