Competition Act 2002
Competition Act, 2002 View Larger Image A flexible, dynamic, and competitive private sector is increasingly recognised as critical to long-term economic success. The increasing competition allows consumers to choose from a wider range of higher-quality products at lower prices. The competition also promotes accountability and openness, as well as the reduction of corruption and lobbying. Competition, as a well-functioning market system, fosters business and expands options. According to economic theory, prices and quantities in a competitive market equilibrate to levels that provide efficient outcomes. Anti-competitive practices are more common in less developed markets. Competition Act and policy does not kill competition but encourages competition by penalising anti-competitive behaviour like anti-competitive agreements and abuse of dominance situations. Competition in any field is regarded as a positive practice for expanding prospects and acting as a motivator, as long as it is c