Please help me, I don't understand. Thank you

Question 4 1 pts Suppose a monopoly is earning an economic profit. As time passes, 1. new firms enter the industry. Il. the price falls. Ill. the economic profit of the existing firm turns into either a normal profit or an economic loss. O I, II and III. O I and II. O II and Ill. O I and Ill. None of the above answers are correct