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1 Competition policy and economics

Richard Whish BA BCL (Oxon), QC (Hon), David Bailey LLB (King’s College London), LLM (Harv)

From: Competition Law (9th Edition)

Richard Whish, David Bailey

From: Oxford Competition Law (http://oxcat.ouplaw.com). (c) Oxford University Press, 2021. All Rights Reserved.date: 07 May 2021

Barriers to entry — Monopoly — Market power — Perfect competition

This chapter provides an overview of competition law and its economic context. Section 2 describes the practices that competition laws attempt to control in order to protect the competition process. Section 3 examines the theory of competition and gives an introductory account of why the effective enforcement of competition law is thought to be beneficial for consumer welfare. Section 4 considers the expected functions of a system of competition law. Section 5 then introduces two key economic concepts, market definition and market power, that are important to a better understanding of competition policy. The chapter concludes with a table of market share figures that are significant in the application of EU and UK competition law.

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