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: monopolistically competitive. oligopoly. pure monopoly. perfectly competitive. b. Firms in this industry will likely earn: a normal profit. an economic profit. an economic loss. c. If foreign firms begin supplying the product, increasing the number of competitors, it is likely that: normal profits will increase. economic profits will increase. economic losses will become smaller. economic profits will fall.