Competition legislation definition

Competition legislation refers to the laws and regulations that businesses need to comply with in relation to how they compete in markets. Whilst competition legislation is very complex, the main aims of it are to: • Widen consumer choice in markets for goods and services.

What are the objectives of competition law?

The key objectives of competition law are welfare, efficiency, and free and fair competition.
There are distributive dimensions in competition law that are related to different notions of welfare (consumer surplus and producer surplus).
The different types of efficiencies are subject to trade-offs - within a given time (allocative versus ..

What does competition law prohibit?

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.

What does competition law stand for?

Competition law, or antitrust law, has three main elements:

  • prohibiting agreements or practices that restrict free trading and competition between business.
    This includes ,in particular the repression of free trade caused by cartels.

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