What is the law of competition?

The law of competition is a set of laws that govern how businesses act in the marketplace. It is also known as antitrust law because the purpose of the laws is to prevent any one business from gaining a monopoly on a market. In West Virginia, the law of competition is made up of several federal and state statutes. These statues prohibit businesses from engaging in certain activities that are deemed to be anticompetitive, such as price-fixing, bid-rigging, and market division. These activities are illegal because they give certain businesses an unfair advantage over their competitors or limit the ability of consumers to find the best price or product. The law of competition is also crucial in protecting consumers from unfair or deceptive business practices. For example, businesses are prohibited from making false or misleading claims about their products, services, or prices. In addition, the law of competition prohibits businesses from forming agreements that unreasonably limit competition. The enforcement of the law of competition is handled by the Federal Trade Commission (FTC), which has the authority to investigate businesses suspected of engaging in anti-competitive behavior and to initiate civil and criminal proceedings against violators. The FTC also has the power to make decisions through administrative orders to end violations of the law and to impose civil penalties on businesses that do not comply.

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What is the law of competition?

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