Competition law quiz

Fill in the gaps with the words from the list.

price fixing, penetrate, compete, cartels, market, barriers to entry, single, on the whole, enhance, predatory pricing

EC competition law is rooted in the creation of the 1)___________ European market and, as such, prohibiting private undertakings from partitioning the Community market along national lines is a fundamental goal. The origins of competition law in the United States, on the other hand, can be found in the term ‘antitrust’.

2) __________ it is accepted that competitive markets 3)  ___________economic efficiency because they maximise consumer benefit and optimise the allocation of resources, which is good for 4) ___________ economies. Competition law regulates  5) ___________, monopolies, oligopolies and mergers.

A cartel is a type of agreement among undertakings which would normally 6) ____________ with each other to reduce their output to agreed levels or sell at an agreed price. One of the key ingredients in sustaining a cartel is a defined relevant market with high 7) ___________so that new undertakings cannot 8) _________ the market. The classic tool used by the cartel to gain monopoly profits is 9) ____________.

Common aspects or enactments aimed at preventing anti-competitive activities include restrictions on abuse of a dominant position through such instruments as 10) ___________ and tie-in arrangements, among others.

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