Competiton Law

Question 1

What is a monopoly?

Answer 1

A monopoly is where one business controls the market.

Question 2

What is a collusion between then business?

Answer 2

This is where a few people work together to benefit the expense of other businesses

Question 3

Why might competition be constrained?

Answer 3

1. There is a monopoly.

2. There is a collusion between the business.

Question 4

What is competition commission?

Answer 4

This is an individual organisation that investigates merges.

Question 5

Why does the competition commission have the power to do?

Answer 5

Stop merges or stop anti competition practices

Question 6

What do the office of fair trade do?

Answer 6

They in force legislations such as the competition Act 1998 this prevents businesses takin part in activities that prevent competition and businesses from abusing a dominant positions

Question 7

What are the 5 regulatory bodies?

Answer 7

Ofcom (communications)
Ofwat (sewage and water)
Ofgem (electricity and gas)
Oftel (radio and television)
Orr (rail industry)

Question 8

What do the regulatory bodies do?

Answer 8

They set prices and help to introduce competition.