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Business and Competition
Competition is part and parcel of the existence of business firms and establishments. The dimensions affecting business as regards competition is presented in this paper.
|language || ||english
|wordcount || ||3984 (cca 11 pages)
|contextual quality || ||N/A
|language level || ||N/A
|price || ||free
|sources || ||2
Table of contents
THE WELL-SPRING OF COMPETITION 1
PHILOSOPHY OF COMPETITION 2
UNFAIR COMPETITION 3
BUSINESS COMBINATIONS 5
MONOPOLY VERUS COMPETITION 7
ABUSES OF MONOPOLY 8
Works Consulted 9
Preview of the essay: Business and Competition
Business and Competition Introduction Under a system of free enterprise, man is free to obtain economic resources in amounts and kinds he needs and to organize these resources in the production of a product of his own choosing which may never have been produced at all before and sell it in the market of his own choice. Thus, under this form of economic system, man is afforded both with the opportunity as well as the challenge to contribute his share in the strengthening of the nation’s economy and thereby insuring its stability. In line with his talent and aptitude and the resources at his command man is able to produce goods that will not only serve his self- interest but the economic well-being of society as well. However, while self-interest is singularly a strong in here in every man and thus responsible for setting industry into motion, unfortunately, this social force while bringing immeasurable benefits on the one hand can also inflict great harm on the other. This happen when man becomes obsessed THE WELL-SPRING OF COMPETITION Competition exists in every society. In fact, it exists almost everywhere. There is, ...
... of concerted action illegal. This is because there is involved more than just price- fixing. Rather, price-discrimination is also involved. Price fixing through agreements is one of the most common forms of collusion among firms, which is outlawed in the United States under Section 1 of the Sherman act. Ruling on a case involving price – fixing, the Supreme Court of the United States said in part: “The aim and result of every price-fixing agreement, if effective, is the elimination of one form of competition. The power to fix rates, whether reasonably exercised or not, involves power to control the market and to fix arbitrary and unreasonable prices…” The Court went on to say, in effect, that if a group of firms combines and comprise to fix prices, it makes no difference whether the prices they fix are reasonable or not; the practice is illegal. This ruling is still the law today.
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