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The Philippine Competition Act provides for the regulation of the country's markets to curtail anti-competitive behavior and punish cartels and other unfair monopolies. [19] Under Sec. 3 of RA 10667, the Commission shall impose this Act against any person or entity engaged in any trade, industry and commerce in the Republic of the Philippines ...
In neo-classical economics, price fixing is inefficient. The anti-competitive agreement by producers to fix prices above the market price transfers some of the consumer surplus to those producers and also results in a deadweight loss. International price fixing by private entities can be prosecuted under the antitrust laws of many countries.
The Philippine Competition Commission is an independent, quasi-judicial body created to enforce the act. It is attached to the Office of the President of the Philippines. [6] Five commissioners were appointed to the Philippine Competition Commission and sworn in on January 27, 2015: [7] Michael G. Aguinaldo (Chairperson) Marah Victoria S. Querol
In 1982 the U.S. Department of Justice Merger Guidelines introduced the SSNIP test as a new method for defining markets and for measuring market power directly. In the EU it was used for the first time in the Nestlé/Perrier case in 1992 and has been officially recognized by the European Commission in its "Commission's Notice for the Definition of the Relevant Market" in 1997.
Dumping, also known as predatory pricing, is a commercial strategy for which a company sells a product at an aggressively low price in a competitive market at a loss.A company with large market share and the ability to temporarily sacrifice selling a product or service at below average cost can drive competitors out of the market, [1] after which the company would be free to raise prices for a ...
It identifies and corrects practices causing market impediments and distortions through competition law (also known as antitrust law). [1] In general it is a government agency, typically a statutory authority, sometimes called an economic regulator, that regulates and enforces competition laws and may sometimes also enforce consumer protection laws
Some types of profiteering are illegal, such as price fixing [4] [page needed] syndicates, for example on fuel subsidies (see British Airways price-fixing allegations), and other anti-competitive behaviour.
Coercive monopolies can arise in free market or via government intervention to institute them. [ 3 ] [ 4 ] [ 5 ] Some conservative think tanks, such as the Foundation for Economic Education , define coercive monopolies solely as those established by the government or via the illegal use of force, excluding monopolies that arise in the free market.