Final answer:
The statement regarding industries comprising companies offering similar products or services is true, with evidence of competition including advertising, price wars, and innovation. Two highly competitive industries are technology and fast food, both featuring aggressive strategies for market dominance.
Step-by-step explanation:
The statement that an industry is a group of companies offering the same products or services to customers is true. An industry encompasses firms that market similar products or services to consumers, and they often compete based on factors such as price, quality, and brand recognition. Evidence of serious competition between firms in an industry includes frequent advertising campaigns, price wars, product innovations, and increased customer service efforts.
In terms of highly competitive industries, technology, and fast food are two examples. The technology industry is characterized by rapid innovation, a high rate of new product introduction, and aggressive marketing tactics. Similarly, the fast food industry experiences fierce competition, with brands constantly introducing new menu items, special deals, and advertising campaigns to attract customers.
Monopolistically competitive industries, as opposed to perfectly competitive or oligopolistic markets, provide benefits to consumers through greater variety and drive for improved products and services. However, the question of whether a market-oriented economy produces too much variety sometimes arises, demonstrating the complexity of balancing consumer choice and market efficiency.