Question

We know that real-world markets are neither perfectly competitive nor purely monopolistic. Changes in market conditions occur as a result of innovations and technological changes, regulatory changes, and resource availability on the production (supply) side, on the one hand, and changes in consumers' preferences and incomes on the demand side, on the other hand. As a result, over time, some industries become more competitive and some become less competitive or more monopolistic. In your view, in recent years which industries seem to have become more competitive and which industries have become more monopolistic? Overall, is the US economy becoming more competitive or is it becoming less competitive?

Answer 1

I think that US economy is becoming more competitive because of innovations and technological changes, regulatory changes etc. The industries which are meeting the demand of consumers are more competitive.