If a Monopoly Firm Suddenly Lost Its Barriers to Entry

Multiple Choice

If a monopoly firm suddenly lost its barriers to entry and faced new competition,yet consumers thought that the former monopoly's products were somewhat different than its new competitors,then

A) the industry has probably become perfectly competitive.
B) long-run profit for this firm will likely exist.
C) the industry has probably become a monopolistically competitive industry.
D) the industry is probably cooperating to maximize joint profits.
E) the industry has probably become a monopoly.