Define: Competition

A: Competition law, also known as antitrust law, is a set of legal rules and regulations that aim to promote fair competition in the marketplace and prevent anti-competitive practices.

A: Examples of anti-competitive practices include price fixing, bid rigging, market allocation, abuse of dominant market position, and mergers that may substantially lessen competition.

A: The purpose of competition law is to ensure that businesses compete fairly, which ultimately benefits consumers by promoting innovation, lower prices, and increased choice in the marketplace.

A: Violating competition law can result in severe penalties, including fines, injunctions, damages, and even criminal prosecution for individuals involved in cartel activities.

A: It is advisable to seek legal advice from a competition law expert who can assess your business practices and provide guidance on compliance with competition law.

A: Exclusive dealing arrangements may be permissible if they do not substantially lessen competition or harm consumers. However, it is important to assess the potential anti-competitive effects before entering into such agreements.

A: While businesses generally have the right to set their own prices, certain price-fixing practices, such as agreements with competitors to fix prices, are illegal under competition law.

A: Abusing a dominant market position to exclude competitors or engage in anti-competitive practices is prohibited under competition law. Dominant firms have a special responsibility to ensure fair competition.

A: If you suspect a violation of competition law, you can report it to the relevant competition authority or seek legal advice to understand the appropriate steps to take. Whistleblower protection may be available in some jurisdictions.