The Background of Competition Act (2002)
The Background of Competition Act (2002)
The Background of Competition Act (2002)
1. What is competition?
The world bank defines competition as a situation in a market in
which the buyers or sellers independently strive for a buyer’s
patronage in order to achieve a particular business objective for
e.g. Profit sales or market share as you know that there id no
definition of competition under the competition act itself but
CCI explains competition in their advocacy roles like
competition in common parlance means that sellers
independently strive for a buyer’s patronage to maximise profit
or in order to achieve a particular business objective. A buyer
prefers to buy a product to maximise his benefits whereas the
sellers propose to sell the product at a price that maximises his
profit. You can cite other examples, case laws to support your
answer.