Competition Law Flashcards

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1
Q

What is the purpose of competition law?

A

Remedy situations where competative markets break down

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2
Q

Competition law is for customers . T/F

A

False - is a secondary thing

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3
Q

What is allocative efficiency?

A

Resources employed towards consumers preferences

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4
Q

What is productive efficiency?

A

products produced at a low cost as possible

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5
Q

Does competition help push prices lower or higher?

A

Lower and offer quality and choice, offers innovation and reduces inequality

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6
Q

What are the 3 main areas of competition law?

A
  • anticompetative cooperative agreements
  • mergers
  • unilateral action by dominant companies
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7
Q

What source regulates anti-competative cooperative agreements?

A

art 101 TFEU

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8
Q

What source regulates mergers?

A

1989 Merger Regulation

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9
Q

What source regulates unilateral action by a dominant company?

A

art 102 TFEU

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10
Q

What is public enforcement?

A
  • adversarial
  • administrative
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11
Q

What is an adversarial system?

A
  • The parties “bear primary responsibility for determining the sequence and manner in which evidence is presented and legal issues are argued”
  • An impartial decision-maker (often a judge): not involved in gathering evidence or identifying the issues
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12
Q

What is an administrative system?

A
  • The competition authority decides on the facts of the case and the fines. The parties present the evidence to the authorities
  • the parties can appeal the decision to a court
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13
Q

Which countries adopt an adversarial system?

A

US
Canada
Australia
Hong Kong

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14
Q

Which countries adopt an administrative system?

A
  • most of the rest of the world incl UK
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