Competition Law Law and Legal Definition
In the U.S., competition law is known as antitrust laws. These laws stabilize the market condition by regulating the monopoly and unfair business practices. The term competition law is also used in other countries other than the U.S. Competition law promotes and maintains market competition within the territorial boundaries of a country. The protection of international competition is governed by international competition agreements. Competition law aims to protect the interest of the consumers
Competition law prohibits the following :
1.Competition law prohibits agreements which curtails free trading and businesses.
2. Competition law prohibits anti competitive practices such as predatory pricing and price gouging.