Competition law vocabulary

  • What are competitive terms?

    Competitive Terms . “Competitive Terms” means the best terms reasonably available in the competitive marketplace at that time (including the terms available from the Utility itself under efficient operation) giving due consideration to both price and non-price terms such as quality and reliability..

  • What does competition law mean?

    Competition law is the body of legislation intended to prevent market distortion caused by anti-competitive practices on the part of businesses.
    In the United States, Canada and the European Union, competition law is also known as Antitrust law..

  • Competitive Terms . “Competitive Terms” means the best terms reasonably available in the competitive marketplace at that time (including the terms available from the Utility itself under efficient operation) giving due consideration to both price and non-price terms such as quality and reliability.
Anti-competitive agreements violate competition law because they increase prices to business and final consumers directly, or indirectly by restricting output.
Competition law prohibits such behaviour, as it damages true compe- tition between firms, exploits consumers, and makes it unnecessary for the dominant 
In the parlance of competition law and policy, the term combination refers to firms organized together to form a monopoly, cartel or agreement to raise or fix 
Special case of oligopoly: industry structure with two sellers. In competition cases the term is often also used for situations where two main sellers dominate 

What is the classical perspective on competition?

The classical perspective on competition was that certain agreements and business practice could be an unreasonable restraint on the individual liberty of tradespeople to carry on their livelihoods.
Restraints were judged as permissible or not by courts as new cases appeared and in the light of changing business circumstances.


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