Objectives And Instruments Of Competition Law

Competition is the best way to allocate resources and the most efficient means of providing technological and commercial innovation, as well as consumer satisfaction. In economic terms, perfectly competitive markets maximize consumer welfare by promoting allocative efficiency (making the goods consumers want in the quantities valued by society) and productive efficiency (producing goods at the lowest possible costs), as well as giving rise to dynamic efficiency (stimulating innovation and technological change) (Gellhorn and Kovacic 1994). Though competition is beneficial for society as...

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