Knowra Competition law Competition law Competition law regulates business conduct and transactions that can weaken rivalry, including cartels, abuse of market power, and mergers that may lessen competition.
Cartel : An agreement among competitors to coordinate conduct such as prices, output, or market allocation. Cartels are direct agreements among rivals that competition law commonly prohibits.
Sherman Antitrust Act : A United States federal statute enacted in 1890 to prohibit restraints of trade and monopolization. It established an early national statutory model for controlling monopolies and cartels.
Consumer protection : Laws and policies that protect consumers from unsafe products, unfair practices, and misleading claims. It targets harms to consumers directly, while competition law primarily protects the competitive process.
Digital Markets Act : A European Union regulation imposing obligations on designated large digital platform services called gatekeepers. It adds advance obligations for certain platforms alongside case-by-case competition enforcement.
Consumer welfare standard : An antitrust approach that evaluates conduct chiefly by its effects on consumers, often through prices, output, and quality. It has strongly influenced how American courts and agencies assess competition cases.
Abuse of dominance : Conduct by a dominant firm that improperly excludes rivals or exploits customers under applicable competition rules. This is the principal framework for challenging exclusionary conduct by powerful firms.
Clayton Act : A United States statute enacted in 1914 addressing practices such as anticompetitive mergers and exclusive dealing. It extended federal antitrust law to conduct the Sherman Act did not address specifically.
Unfair competition : Rules against dishonest or misleading commercial practices that harm competitors or consumers. It can address business misconduct without proving harm to market-wide competition.
Essential facilities doctrine : A legal doctrine that can require access to an indispensable facility controlled by a firm when strict conditions are met. It concerns whether dominant firms must share bottleneck infrastructure with competitors.
Market power : The ability of a firm to profitably raise prices, reduce quality, or limit output without losing enough business to make that strategy unprofitable. Competition law seeks to prevent firms from acquiring or exercising harmful market power.
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