Browse Definitions :
Definition

competition law

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.

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. The effects of anti-competitive practices include not just difficulty for smaller companies entering or succeeding in a market, but also higher consumer prices, poorer service and less innovation.

Anti-competitive practices include, among many other examples: Predatory pricing, which involves a monopoly or oligopoly charging an exorbitant price for something that the consumer has little choice other than to purchase; price fixing, which involves collusion between would-be competitors to set similar prices for products; bid rigging, which involves colluding to select the winner of a contract in advance; and dumping, which involves selling a product at such a low price that smaller companies are unable to compete and may be forced out of the market. Although specific legislation varies from one country to another, those practices are generally prohibited by competition law.

The earliest competition law was levied in 50 B.C. to protect the grain industry in the Roman Empire prohibiting blockage of supply ships.

This was last updated in April 2019

Continue Reading About competition law

Networking
  • firewall as a service (FWaaS)

    Firewall as a service (FWaaS), also known as a cloud firewall, is a service that provides cloud-based network traffic analysis ...

  • private 5G

    Private 5G is a wireless network technology that delivers 5G cellular connectivity for private network use cases.

  • NFVi (network functions virtualization infrastructure)

    NFVi (network functions virtualization infrastructure) encompasses all of the networking hardware and software needed to support ...

Security
  • computer forensics (cyber forensics)

    Computer forensics is the application of investigation and analysis techniques to gather and preserve evidence from a particular ...

  • cybersecurity

    Cybersecurity is the practice of protecting internet-connected systems such as hardware, software and data from cyberthreats.

  • Advanced Encryption Standard (AES)

    The Advanced Encryption Standard (AES) is a symmetric block cipher chosen by the U.S. government to protect classified ...

CIO
HRSoftware
  • OKRs (Objectives and Key Results)

    OKRs (Objectives and Key Results) encourage companies to set, communicate and monitor organizational goals and results in an ...

  • cognitive diversity

    Cognitive diversity is the inclusion of people who have different styles of problem-solving and can offer unique perspectives ...

  • reference checking software

    Reference checking software is programming that automates the process of contacting and questioning the references of job ...

Customer Experience
  • martech (marketing technology)

    Martech (marketing technology) refers to the integration of software tools, platforms, and applications designed to streamline ...

  • transactional marketing

    Transactional marketing is a business strategy that focuses on single, point-of-sale transactions.

  • customer profiling

    Customer profiling is the detailed and systematic process of constructing a clear portrait of a company's ideal customer by ...

Close