Competition Law Explanation for Students

September 29, 2016
What is competition?
The word competition brings to mind images of races, contests and rivalry. An activity in which someone wins or someone is the best.
Who are the competitors? 
Competition involves all of the suppliers of goods and services that people use. Of course, mobile phone providers are not in competition with car dealerships, just as a swimmer does not compete with a gymnast. This means that competition takes place among suppliers of the same goods or services.
Where does competition take place? 
All competitions take place in an arena designed for that purpose. In this context, competition among businesses occurs in the market. The market has two dimensions which are: (a) the product market which simply means that competition is among suppliers of identical products, or at best, products that can be used in a similar fashion, and (b) the geographic market that specifies the location in which the competition is taking place. 

 

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