Pub Date : 2021-07-22DOI: 10.1093/actrade/9780198860303.003.0006
Ariel Ezrachi
‘The legal framework’ outlines the key competition provisions currently in the US and EU. Like in most other jurisdictions, EU and US laws include competition provisions that are used to address antitrust violations such as anti-competitive agreements or abuse of monopoly power. They also include laws dealing with proposed mergers and acquisitions. The US Antitrust Law prohibits contracts and agreements between two or more individuals or entities in restraint of trade or commerce. Meanwhile, EU competition law prohibits agreements between ‘undertakings’ that have, as their object or effect, the prevention, restriction, or distortion of competition, and affect trade between the EU member states.
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Pub Date : 2021-07-22DOI: 10.1093/actrade/9780198860303.003.0002
Ariel Ezrachi
‘The power of competition’ discusses the power of competition. The nature of the product and the structure of the market affect the intensity of competition and subsequently the price and quality of goods and services. The model of perfect competition illustrates the ideal market scenario — a perfect market which maximizes consumer welfare. There are a number of consequences of limited competition in a market dominated by a monopoly. In such a market, a single firm offers the product or service. There is also a type of market called an oligopoly, which is characterized by a few key competitors.
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