Posted on Mar 22, 2019
The Federal Competition and Consumer Protection Act (“the Act”) defines competition as the workable or effective competition in relation to supply and demand of goods and services in any given market. Competition law are thus set of rules that protects the process of competition in an economy. Competition can be described as the process of rivalry amongst firms in an identified market. Rivalry can be described as strife amongst firms for custom and business . Suffice to say that rivalry amongst firms is the engine for economic growth and the means by which players in a competitively structured market create and confer benefits by means of innovation and efficient deployment of resources . Competition law thus prohibits market practices that eliminates or substantially reduces competition, such as the abuse of dominant position.