? firm is operating in the United States with only two other competitors in the

Question

? 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: O perfectly compettuve. O pure monopoly O monopolistically competitive. O oligopoly. b. Firms In this Industry will likely earn O a normal profit. O an economic loss. O an economic profit. C. If foreign firms begin supplying the product, increasing the number of competitors, it is lkely that: O economic losses will become smaller. O economic profits will Increase. O economic profits will fall. O normal profits will increase.

Explanation / Answer

Industry with total of 3 companies will be considered as oligopoly

OPTION D

Firms in the industry will likely earn an economic profit.Increase in number of competitiors will lead to fall in economic profits.

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