Read the following statements - Assertion (A) and Reasoning (R).
Assertion: The industries today are moving towards being monopolistically competitive.
Reasoning: Number of firms dealing in close substitutes within an industry is increasing, leading to fierce competition.

Both Assertion (A) and Reasoning (R) are true and Reasoning (R) is the correct explanation of Assertion (A).

Yes, we are operating in an era of monopolistic competition. Majority of industries are operating under this form of market and there is a rise in this trend. The reason being the rise of new entrepreneurs providing better close substitutes than their competitors.