Competition Policy
Definition of Competition Policy: Government policies to prevent and reduce the abuse of monopoly power
Abuse of monopoly power can lead to market failure and be against the public interest. Therefore Govt’s are concerned to intervene and protect the interests of the consumers
1998 Competition Act sought to bring the UK into line with EU competition policy
The OFT is responsible for investigating suspected abuses of monopoly power and engaging in prohibited practices. There are 2 main types of behaviour they investigate
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