Competition policy law definition

  • What is the concept of competition policy?

    Competition policy is about applying rules to make sure businesses and companies compete fairly with each other.
    This encourages enterprise and efficiency, creates a wider choice for consumers and helps reduce prices and improve quality..

Definition. Competition policy governs how businesses interact with both consumers and each other. A country's competition policy is the sum of its competition laws, which proscribe anti-competitive behaviour, and the effect that its public policy may have on competitive processes in the economy.
The purpose of competition law is ensuring a fair marketplace for consumers and producers by prohibiting unethical practices designed to garner greater market share than what could be realized through honest competition.

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