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Why is competition important?
Competition is vitally important to our economy. Businesses benefit from a competitive environment that encourages innovation and investment. And we all benefit from better prices, choice and quality.
To save you time, check out the five most important things you need to know about competition law. Of course, there's more, but this is a great start.
What agreements are illegal?
Under competition law there are a few fundamental rules that protect against anti-competitive agreements. Any agreements between competing businesses that fix a price or interfere with how the price of goods or services is set, or agreements that substantially lessen competition in a market, are illegal.
What happens when competition isn't working?
Businesses aren’t encouraged to be efficient. Customers may face higher prices, have more limited choice or receive a lower standard of services or materials than would otherwise be the case.
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