What is the law of competition?

The law of competition, also known as antitrust law, is a body of law that exists to promote and protect fair competition in markets in North Carolina and throughout the United States. The law seeks to prevent or reduce the power of large companies to dominate industry and eliminate competition. The main federal law of competition is the Sherman Antitrust Act of 1890, which prohibits the formation of monopolies and attempts to restrain trade. In North Carolina, the law of competition is mostly enforced by the Attorney General, but the Federal Trade Commission may also become involved in certain cases. The state law of competition requires that all firms and individuals within North Carolina refrain from anti-competitive activities such as price fixing, bid rigging, and dividing markets. It also requires that businesses do not attempt to form or sustain a monopoly in North Carolina. Other activities such as false advertising are also prohibited. The law of competition exists to not only provide fair competition within North Carolina’s markets, but also to protect consumers from unfair and anti-competitive practices. Fair competition allows for more innovation, more competition, and ultimately a better marketplace for businesses and consumers.

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What is the law of competition?

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