Final answer:
As globalization and new information and communications technology advance, market definitions by antitrust authorities are likely to become broader to accommodate the increased global interconnectivity and competitiveness.
Step-by-step explanation:
The question implies an understanding of the intricacies of globalization and new information and communications technology on market definitions used by antitrust authorities. It's likely that as a result of these factors, antitrust authorities will utilize broader market definitions. This broadening is due to the increasing interconnectivity of global markets and the seamless flow of information. The advent of e-commerce and business-to-business platforms wherein businesses and consumers can engage in transactions globally ensures that the actual competitive landscape of many industries far surpasses traditional geographical boundaries. Therefore, traditional local markets are now operating in a much broader, more competitive global context.
Historically, market definitions were rather narrow, focusing on regional or national scopes. However, with technological advancements allowing instant global communication and the capacity for worldwide transactions, markets are now defined in much broader terms stretching across borders. What was once a local or national market may now face competition from international sources, fundamentally changing how market competitiveness is assessed and, consequently, how it's regulated from an antitrust standpoint.
For businesses and consumers alike, these shifts have resulted in more choices and often lower prices due to the increased competition. But for local retailers, it means having to adapt to a market environment where the competition can come from anywhere in the world. Antitrust authorities, understanding these changes, are now challenged to redefine markets in ways that consider these global interactions and competitive influences.