A firm is operating in the United States with only two other competitors in the industry.
question:
1. It is likely this industry would be characterized as..
a. perfectly competitive.
b. pure monopoly.
c. monopolistically competitive.
d. oligopoly.

2. Firms in this industry will likely earn:
a. an economic loss.
b. an economic profit.
c. a normal profit.

3. If foreign firms begin supplying the product, increasing the number of competitors, it is likely that:
a. economic profits will increase.
b. economic losses will become smaller.
c. economic profits will fall.
d. normal profits will increase.