Competition Law Fundamentals
The common term for an anti-competitive agreement between competitors.
What is a cartel?
The name of the first US Antitrust Act.
What is the Sherman Act?
The theory on which the pure competition objective is based.
What is neoclassical price (economic) theory?
The maximum fine level that the European Commission may impose on an undertaking for an infringement of the competition law.
A common law doctrine that allows a party to escape a contract limiting their ability to trade.
What is the restraint of trade doctrine?
Prohibited by Article 102 TFEU.
What is the abuse of dominant position?
The year of enactment of the Sherman Act.
What is 1890?
The two basic benefits of competition according to neoclassical economic theory.
What are allocative efficiency and productive efficiency?
A body to which an appeal from a decision of the CMA under the 1998 Act is made.
What is the Competition Appeal Tribunal?
An act that introduced the opt-out collective redress mechanism.
What is the Consumer Rights Act of 2015?
Prohibited by Chapter 1 of the Competition Act.
What are anti-competitive agreements?
An ideological concept that influenced the EU Competition Law in its first decades.
What is ordoliberalism?
The title of the “bible" of the Chicago School of Antitrust.
What is the "Antitrust Paradox"?
A programme, in which companies that provide sufficient information about a cartel in which they have participated may receive full or partial immunity from fines.
What is the leniency programme?
Act that merged the Competition Commission and the Office of Fair Trading into a combined Competition and Markets Authority (CMA).
Three basic groups of substantive competition law norms.
What are: prohibition of anti-competitive agreements, prohibition of abuse of dominant position and merger control?
The name of the paradigm on which the enforcement of the US antitrust law was based before the late 1970s.
What is the Structure-Conduct-Performance (SCP) paradigm?
A situation in which resources are allocated in accordance with consumer demand.
What is allocative efficiency?
A mechanism on which the collective redress mechanism in the UK is based.
What is an opt-out collective redress mechanism?
The first competition-related statute in the UK.
What is the Profiteering Act of 1919?
The legal act in which EU provisions on merger control are regulated.
What is the EU Merger Regulation/Regulation 139/2004?
The motto of the reforms of EU Competition Law in the nineties.
What is "More Economic Approach"?
The cost to the economy of the market not operating as efficiently as it would in perfect competition.
What is the deadweight loss?
The amount by which the administrative settlement under UK competition law settlement may reduce a fine.
How much is 10 to 20%?
Act that introduced merger control in the UK.
What is the Monopolies and Mergers Act of 1965?