Final answer:
Serious competition between firms in an industry can be evidenced by factors such as market power, product differentiation, market entry barriers, and competition basis. Two highly competitive industries are the technology and automotive industries.
Step-by-step explanation:
Evidence of serious competition between firms in an industry can include:
- Market Power: The level of control and influence each firm has over the market.
- Product Differentiation: The degree to which products from different firms in the industry differ from each other.
- Market Entry Barriers: The obstacles that new firms face when trying to enter the industry.
- Competition Basis: Whether firms compete primarily on price, advertising, or other product differences.
Two highly competitive industries are the technology industry and the automotive industry.