Final answer:
Evidence of serious competition can be seen through factors such as price competition, product innovation, advertising, and expansion. Two highly competitive industries are technology and retail.
Step-by-step explanation:
Evidence of serious competition between firms in an industry can be seen through various factors. These include:
- Price competition: Firms continually lower their prices to attract customers and gain market share.
- Product innovation: Firms constantly strive to develop new and improved products to stay ahead of their competitors.
- Advertising and marketing campaigns: Firms invest heavily in advertising and marketing to promote their products and create a competitive advantage.
- Expansion into new markets: Firms expand into new geographical areas to increase their customer base and compete with other firms.
Two highly competitive industries are the technology industry and the retail industry. In the technology industry, companies like Apple, Samsung, and Microsoft compete fiercely to dominate the market with their smartphones, tablets, and laptops. In the retail industry, giants like Walmart, Amazon, and Target face intense competition as they compete for customers' shopping needs.