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INTRODUCTION TO COMPETITION POLICY AND PRACTICE
Summary
This article introduces competition policy and practice and discusses the need for intervention in the market place when there is a problem with the competitive process or when there is market failure. It further clarifies that intervention is necessary in two respects.
Q&As
What is competition law?
Competition law is the intervention in the market place when there is some problem with the competitive process or when there is ‘market failure’.
What is the purpose of competition law intervention?
The purpose of competition law intervention is to address problems with the competitive process or when there is ‘market failure’.
What is the definition of ‘market failure’?
The definition of ‘market failure’ is when there is an imbalance in the market that prevents it from functioning efficiently.
What is the edition of the book ‘Competition Law’?
The edition of the book ‘Competition Law’ is 2nd Edition.
What is the ISBN of the eBook version of the book ‘Competition Law’?
The ISBN of the eBook version of the book ‘Competition Law’ is 9781843143062.
AI Comments
👍 This article provides an excellent introduction to competition policy and practice. The authors provide a comprehensive overview of the topic in a concise and clear manner.
👎 This article lacks any practical examples to help readers understand the concepts outlined in the article. It also fails to provide any real-world applications of the topics discussed.
AI Discussion
Me: It's an introduction to competition policy and practice. It talks about how competition law is used to intervene in the market when there's a problem with the competitive process or 'market failure'.
Friend: Interesting. What are the implications of this article?
Me: Well, it suggests that competition law is a useful tool for regulating markets, preventing market failure, and promoting competition. It also suggests that competition law should be applied to ensure fair competition, protect consumers, and prevent monopolies and anti-competitive practices. In other words, it implies that competition law is an important part of maintaining a healthy economy.
Action items
- Research the different types of market failure and how competition law can be used to address them.
- Learn more about the different competition policies and practices in different countries.
- Explore the different enforcement mechanisms available to competition authorities.
Technical terms
- INTRODUCTION
- An introduction is the first section of a book, article, or other text that introduces the main topic and provides background information.
- COMPETITION POLICY
- Competition policy is a set of laws and regulations designed to promote competition in the marketplace by preventing anti-competitive practices such as price fixing, bid rigging, and market allocation.
- PRACTICE
- A practice is a set of activities that are regularly done or followed by a person or group.
- Breadcrumbs
- Breadcrumbs are a type of navigation element used to indicate the current page’s location within a website or web application.
- Chapter
- A chapter is a section of a book or document, usually with a number or title.
- DOI link
- A DOI (Digital Object Identifier) link is a unique identifier used to identify digital objects such as journal articles, books, and datasets.
- Book
- A book is a printed or digital work of fiction or nonfiction, usually consisting of a number of pages bound together and containing text, illustrations, or other content.
- Edition
- An edition is a version of a book, magazine, or other publication that has been revised or updated.
- First Published
- The first published date is the date when a book, article, or other work was first published.
- Imprint
- An imprint is a publisher’s name or logo that appears on the cover or title page of a book or other publication.
- Pages
- Pages are the individual sheets of paper that make up a book or other publication.
- eBook ISBN
- An eBook ISBN (International Standard Book Number) is a unique identifier used to identify digital books.
- Share
- To share is to make something available to other people, either by giving it to them or by allowing them to access it.
- ABSTRACT
- An abstract is a brief summary of a book, article, or other work.