Final answer:
Benchmarked firms are those that set standards in their industries due to their competitive success and innovative contributions. These firms underpin markets with high levels of competition, as seen in the technology and automotive sectors with companies like Apple and Tesla. Market competition can be measured using the four-firm concentration ratio and the Herfindahl-Hirschman Index.
Step-by-step explanation:
Examples of firms that are often benchmarked due to their competitive success in their respective industries demonstrate innovation and market leadership. These firms can be indicators of serious competition, and evidence of such competition can be seen in high levels of investment in research and development (R&D), aggressive marketing strategies, and a frequent introduction of new products. Two industries known for intense competition are the technology and automotive sectors. For example, in the technology industry, companies like Apple have pioneered with innovative products such as the iPhone, disrupting the mobile phone market. In the automotive industry, Tesla's electric vehicles have challenged the status quo of internal combustion engines.
When discussing market dynamics, measures like the four-firm concentration ratio and the Herfindahl-Hirschman Index (HHI) provide insights into market competition levels. Reviewing such figures from sources such as Statista.com for the wireless industry, The Wall Street Journal for automobiles, Gartner.com for computers, and the U.S. Bureau of Transportation Statistics for airlines, we can assess the competitive landscapes and pinpoint those firms that often set benchmarking standards due to their market share and industry influence.