Ga 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: perfectly competitive. monopolistically competitive. pure monopoly. oligopoly. b. firms in this industry will likely earn: 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: normal profits will increase. economic profits will increase. economic losses will become smaller. economic profits will fall.