Competition Law Flashcards
What is the purpose of competition law?
Remedy situations where competative markets break down
Competition law is for customers . T/F
False - is a secondary thing
What is allocative efficiency?
Resources employed towards consumers preferences
What is productive efficiency?
products produced at a low cost as possible
Does competition help push prices lower or higher?
Lower and offer quality and choice, offers innovation and reduces inequality
What are the 3 main areas of competition law?
- anticompetative cooperative agreements
- mergers
- unilateral action by dominant companies
What source regulates anti-competative cooperative agreements?
art 101 TFEU
What source regulates mergers?
1989 Merger Regulation
What source regulates unilateral action by a dominant company?
art 102 TFEU
What is public enforcement?
- adversarial
- administrative
What is an adversarial system?
- 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
What is an administrative system?
- 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
Which countries adopt an adversarial system?
US
Canada
Australia
Hong Kong
Which countries adopt an administrative system?
- most of the rest of the world incl UK
